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First-time buyers ‘facing significant pressure’ in mortgage market squeeze

The Independent·Vicky Shaw·22 days ago
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The average “shelf life” of a mortgage was twice as long in early May as it was a month earlier, easing the pressure on borrowers hunting for a new product – but first-time buyers may still find it harder to grab a deal, according to a financial information website. Many mortgage deals were pulled amid financial uncertainty prompted by the conflict in the Middle East , although some mortgage products have been trickling back on to the market in recent weeks. By the start of May, the average mortgage was sitting on the market for 16 days typically before being withdrawn, according to financial information website Moneyfacts. This is double the average eight-day shelf-life of a mortgage recorded by the website in early April. Moneyfacts said that the choice of mortgage products has shrunk by around 10% since the start of March, with higher loan-to-value deals requiring a deposit of 10% or less disappearing at a faster rate of 14%, in a blow to first-time buyers in particular.…

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