One in four first-time buyers were refused a mortgage when they first applied through their main bank, according to the latest research.
The first-time buyer index from specialist bank Aldermore has revealed that almost nine in 10 respondents (89%) believed that it was difficult to get on the property ladder – a slight drop from the 93% recorded in August 2017.
Four in 10 first-time buyers (40%) claimed that raising a deposit was the number one obstacle (August 2017: 34%).
The number currently living with friends or family in order to save for a deposit has increased from 23% in August to 27%, while a further third (33%) would consider that option if it meant they could get on the property ladder quicker.
Charles McDowell, commercial director of mortgages at Aldermore (pictured above), said that it was apparent from its latest index that the house-buying process left a lot to be desired.
“The housing market is in a state of flux and first-time buyers are still clearly finding it difficult to get on the housing ladder, leaving them anxious, stressed and out of pocket.
“That said, we have been encouraged by the government’s renewed focus on the issue of housing with the recent review into the house-buying process, although it is too early yet to gauge [the] real impact.”
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...