Borrowers play it safe with sizable deposits

Those buying in London and the North West borrowed the most, with an average mortgage loan coming to 73.63%, while the Welsh were the best savers, putting down an average deposit of 31.72%.

Doug Crawford, chief executive officer of myhomemove, said: “Despite the launch of Help to Buy and new high LTV products from many lenders, it seems that last year people were still cautious regarding the amount they wanted to borrow.

“It will be the next twelve months that will really show how strongly consumer confidence has returned and whether people are collectively ready to take on the levels of debt needed for 95% mortgages.

“Indeed, the market has already seen strong growth in Help to Buy demand and new build properties and we expect this to continue especially following the Chancellor’s extension to the scheme.”