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Deposits 'require years of saving'

17th October 2012 | back to article listings BACK    print this article PRINT

A report has calculated that people looking to purchase their first home need to wait around eight-and-half years to save the deposit needed to secure a UK mortgage.

Yorkshire Building Society estimated that a typical first-time buyer would be putting aside 248 each month and with a 20% deposit demanded by most lenders, this would equate to more than eight years to accumulate the money needed.

The study said that raising a deposit was the factor that most concerned potential house-buyers, with 56% saying they were worried by this.

Of those questioned, 40% said they were alarmed because house prices were still too high, while credit histories concerned 16%.

At the beginning of August the Bank of England and the Treasury launched the 80 billion funding for lending scheme, to encourage banks to lend money. The availability of UK mortgages has gone up but much of this has gone to people with a deposit of 20% and above.

Copyright Press Association 2012

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