Only 14% of UK non-homeowners saving for a mortgage deposit

By Jonathan Dawes, Mon 1 Aug 2011 - Published in Mortgages

Only 14 per cent of non-home owning Brits are saving for a deposit to help them get accepted for a mortgage.

This is according to research by Halifax, which found that over three-quarters of UK adults who do not have their own dwelling want one.

Furthermore, only a third of first-time buyers have a realistic plan to buy a property in the next five years.

Simon Kenyon, savings director at Halifax, said: "We know from our own research that for some customers to get on to the ladder, their savings behaviours need to change."

The Council of Mortgage Lenders (CML) recently noted that the amount of mortgages that were granted in June was 16 per cent higher than in May.

However, this was down on last year's figures for the same period by three per cent.

Bob Pannell, chief economist at the CML, added that growing financial pressures on people are affecting how many can afford to make mortgage repayments in 2011.

News Categories

News Archive

News: Only 14% of UK non-homeowners saving for a mortgage deposit