The Times - Big deposits do not guarantee a low rate
Lenders are busy undercutting each other on record low mortgage deals but the number of loans given out is still subdued, even for those with high deposits, Times Money can reveal.
Although there are more mortgages available for first-time buyers, with better rates, they can still be tricky to secure. Figures shown exclusively to The Times show that four in five mortgage agreements in principle are turned down for borrowers with deposits of ten per cent.
RBS and NatWest say that they accept nine out of ten mortgage applications. However, these figures are based on the applications submitted after the borrower has checked with the lender whether they are likely to be accepted or not.
“If the figure was based on the amount of initial enquiries being accepted for a mortgage and if they were able to borrow enough money, the number would be far lower,” says Aaron Strutt, of Trinity Financial.
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