Renters 'unlikely to seek first mortgage in next five years'

10-Jun-2010

Published by Helen Scott

A first mortgage may be considered difficult to obtain by many renting individuals, according to the findings of a new report.

Two-thirds of people surveyed by Kensington implied they would not look for their first mortgage in the near future, as they believed it "unlikely" they would buy a property before 2015.

The market is seen as difficult for first-time buyers, with 90 per cent of respondents expressing concern that the process was becoming "increasingly difficult".

Keith Street, head of Kensington, echoes their fears: "With a growing population and a difficult outlook for first-time buyers, the strain on the private rental sector will only increase."

First-time buyers without parental help are aged on average between 35 and 44 years old, reveals the mortgage expert. Of this group, an even great proportion (74 per cent) does not believe they will be able to purchase their first home within the next five years.

Young adults aged between 18 and 34 are saving 16 per cent more than the average Briton, reports Santander, meaning the first rung could be easier to reach for sensible savers.

Finding your first mortgage is easy if you let someone else do the work! Read about it here or request first mortgage specialist advice.

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