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1 in 4 first time buyers to take 5 years to raise deposit

Around one in 10 (11%) think they could save fast enough to accumulate their deposit in one year – that’s down from a fifth (19%) three years ago.

Hardly surprising then that first-time buyers are looking for opportunities to increase their income.

Just over one in four (28%) are now taking on second jobs or overtime to boost their deposit fund and another 27% are hoping to boost their deposit by taking out a loan.

Phil Cliff, Director of Santander Mortgages, said: "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% deposit products to help them step on to the property ladder."

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0 thoughts on “1 in 4 first time buyers to take 5 years to raise deposit

  1. Alan Cooper says:

    It is unfortunate that FTBs have to wait so long to save the required deposit to get on the property ladder.
    Property is one of the strongest investment vehicles know to man (even with property crash taken into consideration)

    The whole property market is based on FTBs buying in at the bottom of the property food chain (Flats to small Houses to larger houses to prime property).

    More must be done to help FTBs if the market is to become a functional!

    All the Best

    Home Search Consultancy

    One well negotiated property could save 15% covering your deposit straight away

  2. The previous comment is right in that the FTB is key to the market, but when other homeowners are refusing to lower their prices we are in an endless loop of inertia.