The latest research from Santander Mortgages has revealed that almost a quarter (23%) of first time buyers trying to make there way onto the property laddar expect to save for at least 5 years for a deposit.
54% of first time buyers say they will be using their savings as their deposit for their first house with the average time expected to save around 40 months.
Around 1 in 10 think they could save fast enough to accumulate their deposit in one year – down 19% three years ago.
There is no suprise that first time buyers are looking for opportunities to increase their income with 28% taking on second jobs or overtime to boost their deposit fund. A further 27% will be hoping to boost their deposit by taking out a loan.
Phil Cliff, Director of Santander Mortgages, commented:
“Saving for a deposit is no easy task, especially in today’s financial climate, with many customers, especially in recent years, having to put down larger deposits to secure their mortgage.
“Santander is committed to lending its support to First Time Buyers which is why we’ve launched a range of 10 per cent deposit products to help them step on to the property ladder.”