Perhaps surprisingly one in 10 paid almost half of the full property price as a deposit with a further 15% buying the property outright.
When buying their first home, more than four in 10 (43%) first home owners counted the pennies and used their savings to enable them to take that first step on to the property ladder. A further 8% relied on inheritance or used money gifted from parents (6%). One in 20 sought additional work while 4% took out a loan.
Phil Cliff, Director of Santander Mortgages, said: "Our research has found that despite the availability of 5% deposit mortgages throughout most of the noughties, first-time buyers opted to put down an average of 17% deposit to secure their first home – over 2% cent more than the average deposit currently paid now."
Today [Friday 20 May], Santander, is launching a market leading new two-year fixed Homebuyer product at 90% LTV, at 5.29% with £495 upfront fee. All of Santander’s current range of 10% deposit mortgages comes with Homebuyer Solution. The Homebuyer Solution offers borrowers the added benefits of a free standard mortgage valuation and £250 cash-back on completion.
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