First-time buyers need big deposits

18-Jun-2008

First-time buyers are now having to save up even more than they had to in the past for a deposit, even though property prices are dropping, it has been reported.

According to Homemove.co.uk, this is because lenders have taken all their 100 per cent mortgage deals and almost all their 95 per cent products off the market.

Richard Roberts, from the financial consultants Route Group, told the website homebuyers who manage to find a deal with a smaller deposit requirement may then be hit with a higher mortgage rate than other deals offer.

According to the news provider, the average first-time buyer in London will need a deposit of £32,500, "as well as having to find cash to pay stamp duty, legal fees and removal costs".

One company which claims to be helping first-time buyers purchase a home is George Wimpey East London, which is offering to pay the five per cent deposit on flats located on the Invito and Images developments in Gants Hill, Essex.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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