Deposits 'still a hurdle for first-time buyers'
A poll of mortgage brokers revealed that first-time buyers are finding raising a reasonable deposit the biggest stumbling block in terms of securing a home loan.
Data from NatWest Intermediary Solutions revealed that 88 per cent of those surveyed said affording a payment to secure a deal was the most pressing issue.
Other key factors suggested by mortgage experts include being hampered by poor credit ratings (four per cent) and the ability to keep up with monthly interest repayments (three per cent).
This follows figures earlier this year which revealed that Londoners who could provide a 25 per cent deposit were still needed to find around £1,240 per month for their home loans.
News that first-time buyers are still struggling to afford a deposit when purchasing a house may encourage more people to consider looking for property to rent in the London borough of Broxbourne or elsewhere in the UK.
By Charles Mackay
Published 4th June, 2010
© 2010 Estates IT Limited
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More people may be persuaded to look for property to rent in the London borough of Broxbourne or elsewhere in the country after a recent poll suggested that deposits prove to be the biggest hurdle for getting on to the housing ladder.