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Trying to raise a deposit for your first home?

Enables IFAs in Bishop’s Stortford understand it is hard trying to raise a deposit for your first home. Some recent research by Santander suggests that four out of ten aspiring first-time buyers have been delaying their plans to get onto the property ladder in 2020.

Although Santander found that 63% of would-be buyers said that homeownership is even more important to them now than it was before the pandemic. The lender found that 44% of first-time buyers had put off their home-buying plans.

Many of the first-time buyers cited saving for a deposit was their biggest barrier and indeed it has risen from 30% in 2019 to 52% in 2021. The research by Santander concludes that the pandemic has exacerbated the gulf between struggling first-time buyers and those already on the property ladder.  

Despite Bank of England reports that the pandemic has enabled many households to accumulate more savings, only 17% of would-be first-time buyers said lockdown enabled them to save more money for a deposit.

Santander chief customer officer for homes Tracie Pearce says: “The impact of the pandemic on the housing market has been significant with many people reassessing what they want from their homes and making the most of a booming market and government support with stamp duty. 

“However, many younger people looking to take their first step on the property ladder have seen their earnings and job prospects hit hard, impacting their dreams of homeownership. “Our report highlights that it is now really important that industry and government reflect on the last year and work together to make defining changes to support a new generation of first-time buyers.”

Despite the times’ Enable’s IFAs in Bishop’s Stortford can help you look at your options for saving for your first home deposit and help you look at your options for raising a mortgage.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

https://www.mortgagestrategy.co.uk/news/first-time-buyers-plans-postponed-by-pandemic/

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