11 Jan

First time buyers to receive more help getting on property ladder

First time buyers to receive more help getting on property ladder

There is growing optimism that first-time buyers will be able to get their foot on the housing ladder with a deposit as small as five per cent, according to an expert.

Paul Broadhead, head of mortgage policy at the Building Societies Association, said that the government announced in its housing strategy that guarantees will be placed on higher loan-to-value lending.

This could see first time buyers investing in property for sale in Sussex with a smaller deposit than the more commonly seen ten or 15 per cent used at the moment.

"The size of the deposit that they need to raise is a barrier to them getting on the housing ladder and, naturally with the economic situation that we face today, they are concerned about employment levels, activity in the labour market and whether they will still be in employment," Mr Broadhead explained.

His words came after Barclays revealed that UK homeowners were enjoying some of the most affordable mortgage rates seen in the UK for the past ten years.ADNFCR-1222-ID-801261472-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.