First-time buyers 'making cutbacks'

27-Mar-2006

It has been revealed that many aspiring first time buyers are so desperate to get onto the first rung of the property ladder that they are making increasingly large sacrifices.

According to new data established by broker Purely Mortgages, the opportunities for first time buyers are currently so restricted that many are having to cut back on life's luxuries such as holidays so that they can find a deposit.

First time buyers can make buying a new home affordable through a 'gifted deposit' scheme whereby a deposit is not required just the cost of professional and arrangement fees of £5000

Further, the study claims that as many as a quarter of aspiring homeowners are entering the property market without a deposit at all.

The research, which polled over 2,000 aspiring first time buyers across the UK, concluded that Britons have a "love-affair" with owning property, which has not been dampened by the increase in prices in recent years.

Mark Chilton, head of Purely Mortgages, commented: "As house prices have continued to rise, people are adopting even more drastic cost cutting measures to get that first step on the ladder."

For those first time buyers looking to find a mortgage, Mr Chilton suggested that they should be "realistic" about what kind of property they could afford in today's climate.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker

Despite the fact that there are so many people making sacrifices and getting second jobs to find a way onto the first rung of the property ladder, there are many ways in which an innovative aspiring homeowner can find a solution.

Aspiring first time buyers wanting advice on mortgages, to find out how much they can borrow and how much it will cost, should request advice from the UK’s leading High Street Brokers, Bradford and Bingley

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