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Gresham House plc

Limit put on deposits from Bank of Mum and Dad

If you’re a first time buyer, times are tough. But this week, Britain’s second-biggest mortgage lender cracked down on buyers who need help from the Bank of Mum and Dad to come up with their deposit.

The biggest hurdle for first time buyers at the moment is the retraction of the 95% mortgage. According to an analysis by Moneyfacts.co.uk, there are currently just 20 mortgages available for buyers with the smallest deposits of 5%. This represents a 95% drop since the start of the coronavirus crisis.

The availability of mortgages up to 90% LTV and beyond also remains extremely limited.

In February 2015, ULS Technology plc (LON:ULS) took a 35% share in HomeOwners Alliance, a website offering information and services to UK homeowners and prospective homeowners. Gresham House Strategic PLC (LON:GHS) has a 6.56% stake in ULS Technology.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.