Mortgages are so scarce that banks have started encouraging homebuyers to buy them in online distress sales.
Starting at 8 a.m. today, TSB is offering a limited number of loans for those with as little as 10 percent deposit, an area of the market hit hard by the pandemic due to uncertainty about home prices.
The bank announced the sale just hours in advance. It announced the deal would only be available for loans of up to £350,000 for houses and bungalows – but not apartments – and that the offer would end once allocated funds were exhausted or the clock hit 5.30pm.
“What’s next – half-day mortgages? We have never seen