The proportion of new mortgage deals requiring at least a 25% deposit has risen over the past month, climbing from 54% to 60%, according to the latest research from Moneyfacts.
Its research revealed there are now just 21 mortgages available with a deposit of 5% or less, compared with more than 1,200 at the beginning of last February.
The number of deals that need a minimum 40% deposit has risen from just 24 to 341. Moneyfacts also revealed the number of deals at 85% loan-to-value (LTV) has risen from 209 to 227 over the last month.
"I think that LTV will be a key issue for this year, especially in light of the expected falls in house prices," says David Hollingworth, mortgage specialist at L&C.
He explains: "The way things have progressed 60% has become an established LTV tier now. Almost no one offer 90% deals."IFAonline
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