The mortgage squeeze is gripping tighter, with banks less willing than ever to help homebuyers who only have small deposits, according to a new survey.
So where can aspiring buyers turn, and can the new home mortgage indemnity scheme, already launched in England and now on the runway in Scotland, make a difference?
Loans on typical first-time buyer property (worth up to £125,000) were 5% lower in April than in March and 1.2% below their level a year ago. "Banks blamed increasing mortgage funding costs and renewed fears over their exposure to the eurozone crisis for the reduction in lending," said surveyor e.surv, which produces the monthly monitor.
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