Mortgage Deposit Hurdle:First_Time Buyers
Published / Last Updated on 19/12/2007
Building Societies Association
According to the Building Societies Association, they believe that saving a sufficient deposit for a home is the most significant barrier to first-time buyers. With the average house price being almost £220,000, even a 10 per cent deposit of £22,000 is a sum out of reach of many potential house buyers who have no existing housing equity.
The Building Societies Association have said that the government schemes designed to help first-time buyers failed to recognise having a deposit was more of a problem than the monthly repayment.
Our view
Back to the ‘old days’of our grandparents where you needed to save for a few years to have a big enough deposit to buy a house.
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