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Bank Claim: Banks 'preventing' first-time buyers from getting on property ladder

Banks and mortgage lenders are causing a major obstacle for first-time buyers.

This is the opinion of Helen Adams, managing director of FirstRungNow.com, who sympathised with people trying to save up enough money to buy their first home.

She stated the current financial climate means it is very difficult for people seeking a mortgage to gather together the huge amount of financial resources now required for a deposit.

It is a "serious problem" that prevents many people from getting on the property ladder and the situation is unlikely to change in the near future, said Ms Adams, who believes people will be reliant on donations from friends and family to reach the total required for a deposit by current mortgage schemes.

She was speaking after a first direct report confirmed that the amount needed for a housing deposit has increased tenfold over the last 20 years as house prices soared to 6.3 times the average household income.

The report stated that during this time the average income has only doubled.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-800734892-ADNFCR



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