Lack of mortgages forces HALF of would-be homeowners to shelve purchase plans
- Nearly half of first-time buyers say their home buying plans have been delayed
- One in five says they had to pull out of buying a property due to lockdown
- This comes as the property market booms for movers with bigger deposits
The property market may be booming for some but new research reveals first-time buyers are getting left behind.
Prospective buyers looking to get onto the housing ladder will have already seen their savings’ purchase power diminishing as a surge in new buyers has pushed house prices to record highs.
On top of this, mortgage lenders were quick to pull high loan-to-value mortgages from the shelves in the wake of lockdown leaving just a handful of deals for borrowers without a large deposit to choose from.
By Will Kirkman, please read the full article at This is Money.