First-time buyers save 17% deposit

Many first-time buyers are saving up an average of 17 per cent for the deposit on their first home, research from Santander shows.

Before the credit crunch set in, the bank acknowledged that there were some mortgages available that required only a five per cent deposit, but this is no longer the case.

Instead, people are only seeking property advice once they have enough funds to secure the finance they need, which for 43 per cent of people meant putting cash away in savings accounts.

Phil Cliff, director of Santander Mortgages, commented: "First time buyers opted to put down an average of 17 per cent deposit to secure their first home - over two per cent more than the average deposit currently paid now."

Data from the Council of Mortgage Lenders recently showed that 0.08 per cent of mortgages in the first quarter of the year ended up with the properties being repossessed.

Published on: May 20, 2011

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