40% Deposit Mortgages Rule says London Mortgage Broker, London Mortgage Advice Thursday, 7th May 2009

If you have a 40 per cent deposit,first time buyers and and existing borrowers have their pick of mortgage deals.

In the past six months,, the number of new mortgage products which require a minimum deposit of 40 per cent has increased by almost two thirds,according to Moneyfacts

At the same time,the number of mortgages which require a ten per cent deposit have decreased by the same amount.

Darren Cook, analyst at Moneyfacts.co.uk, said: "Banks are far from predicting the end of the housing slump and are hedging their bets by increasing the number of their best mortgages to those who are fortunate to have a 40 per cent deposit."

He added that with a ten per cent deposit consumers will be paying interest at an average rate of 5.98 per cent.

But here is the good news, Abbey has said that the mortgage market is set to grow this year.

Abbey have nnouncement that profit at the bank jumped by 25 per cent in the first quarter of 2009. So maybe mortgage availability is about to take a turn for the better