Mortgage availability falls

The 1-minute read to get the money news you need with expert adviser commentary.

Mortgage drought

There are currently just 60 mortgage deals on the market for homebuyers with a 10% deposit - back in March, there were 779 to choose from. The data from Moneyfacts shows availability of 90% mortgages has plummeted since the start of the coronavirus crisis. Why? Lenders want to spread their risk of getting into negative equity if house prices fall.

Rapid test funding

The government is putting £500 million into trials of rapid coronavirus tests. The contenders include a new 20-minute test and a trial which regularly tests a whole population, even if they don’t have symptoms. It’s hoping that a viable test will help us get back to normal more quickly.

Cheap theatre tickets?

London’s West End is calling for a voucher scheme to boost ticket sales and bring people back to the once-vibrant theatre district. Tickets for indoor performances are now on sale again, but footfall in the area remains low. The Centre for London thinktank says a discount like “eat out to help out” could help struggling theatres.

Buy now, pay never?

More shoppers than ever are choosing to “buy now, pay later”, but 60% of borrowers don’t count it as real debt*. Debt management firm Freeze Debt also found that 40% use the service to fund purchases they couldn’t otherwise afford. Buy now, pay later has seen a surge in popularity lately thanks to the lockdown online shopping boom.