If you've got a good credit history, a good job and a deposit of around 15% (or that amount of equity in your home), then getting a mortgage today may not be a problem.
It's become a myth that lenders have closed their doors to borrowers, although it's easy to get that impression when you read the papers or watch the TV. The number of products may have fallen from around 14,000 to around 4,000, but for many there is still a more than adequate number to choose from.
“The people that will struggle to get a mortgage deal now however, are those with smaller deposits (or equity) – typically first time buyers, where at least 10% is a lot of money to find, even with house prices falling so sharply. Also struggling will be those people with poor credit histories or people who, for whatever reason, are deemed ‘high risk'. For those people with small deposits (less than 10%) or credit issues, it's an unfortunate fact that available products have almost disappeared.
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