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Loan claim: First-time buyers face 'significant deposit hurdle'

An expert has said that first-time buyers are currently facing a "significant hurdle" when it comes to saving for a deposit, which may be of interest to those who have made a loan claim.

Matt Griffith, spokesman for PricedOut, the national campaign for affordable house prices and is actively lobbying the government, said that although there have been minor improvements to mortgage availability for first-time buyers, their housing troubles are not over.

He said: " First-time buyers still face a significant deposit hurdle - even what looks like a small deposit can be very large in cash terms given the high level of overall house prices … Saving for a deposit is harder than it has been for a long time."

Mr Griffith added that first-time buyers are facing "strong headwinds" in their efforts to save because of low savings rates and high levels of inflation.

Moneyfacts.co.uk recently revealed that rates on mortgage deals requiring a ten per cent deposit has fallen below six per cent for the first time since March 2008.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.
 ADNFCR-2776-ID-800528774-ADNFCR



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