Over the last few weeks, we've seen the few remaining lenders offering 90% mortgages withdraw from the market.
Where have all the low-deposit mortgages gone?
Most lenders have pulled their 90% LTV deals temporarily because the number of applications for these deals has been so great that they simply can't cope with the demand.
With many lenders still operating at reduced staff capacity, the last thing they want is to be inundated with applications they can't process in a timely manner, which is no good for anyone.
On top of that, in an uncertain economic climate many lenders become more cautious and pull 90% LTV deals until there's more certainty.
The good news is that some 90% LTV deals are still available, albeit from a limited number of lenders. There are conditions attached, some lenders only offer them to first-time buyers, and others restrict the income multiples available.
You'll need to be quick, too. We've seen allocations of funds run out within a few hours of being released, with brokers having to retry on a daily basis to get a mortgage agreed.
Hopefully, as the days and weeks go on, we'll see more mainstream lenders coming back into the 90% market.