Residential conveyancing news: Many Brits ‘giving up’ on mortgage hunt
The difficulties that first-time property buyers, who may look to employ a conveyancing solicitor, have in securing finance has been highlighted by a new study.
According to research carried out by moneysupermarket.com, the average adult now expects they will be 38 years old before they can get on the property ladder, while 31 per cent of respondents say they have no plans to become a homeowner at all.
The squeeze on finance for prospective buyers has been illustrated by figures that show there are 1,581 mortgage products available to these individuals this month, compared with 14,940 in July 2007, before the credit crunch.
It has also been revealed by Santander that the average first-time buyer now needs a deposit of 17 per cent in order to secure finance.
Mortgage spokeswoman for moneysupermarket.com Clare Francis said: “There is still limited choice if you have a deposit of less than ten per cent and the rates on these mortgages are around 5.3 per cent, which is significantly higher than the most competitive rates.”
Therefore, it is easy to see why so many people are pessimistic about their chances of getting on to the property ladder, she continued.
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