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.”
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