Woolwich demands a 10% deposit

The Woolwich has become the latest big lender to demand at least a 10% deposit from all new borrowers.

Barclays mortgage lending arm announced Thursday May 8th the company, which operates as the mortgage arm of Barclays bank, said that it’s decision affects three deals it offered with a 5% deposit - a lifetime tracker, a five-year fixed mortgage and loans on its standard variable rate.

“Set against the background of a continuously changing market, we feel it is prudent from a customer perspective to limit the maximum loan to value (LTV) available to 90 per cent,” the Woolwich said in a statement.

“As a result, we will be withdrawing all products that are currently available for loans above 90 per cent with effect from Thursday, 8 May.”