First Direct shuts doors to new mortgage customers - papers 2 Apr

First Direct said it was taking the "drastic" step of pulling out of offering mortgages to anyone other than existing customers after being overwhelmed with applications for its home loans following recent price increases by other leading lenders. Several other lenders, including NatWest and Scottish Widows, also increased borrowing costs yesterday or tightened their lending rules, raising fears that all first-time buyers will soon require a minimum 10% deposit in order to get on to the housing ladder. That would mean a typical new buyer in London would have to save up around £25,000. TH...