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PPI Claims: Property ladder progression 'hardest in 25 years'

Those who have taken out a mortgage and are now looking to move on to their second home may want to check to see if they are eligible to make a payment protection insurance (PPI) claim or seek a loan refund.

This is because new research from Lloyds TSB has found that it is now more difficult to progress up the property ladder than it is to secure a first home.

According to the group, the home affordability for these second steppers is at its lowest level in 25 years.

Lloyds TSB calculated that the difference between the price of a second home and current equity was around 5.2 times higher than average annual salaries.

"This reflects the impact of the decline in house prices since 2007 on the amount of equity those who bought for the first time at the peak of the market have in their homes," said Suren Thiru, housing economist at the firm.

Halifax recently stated that financial indictors suggest that house prices would remain fairly flat over the next 12 months.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801243469-ADNFCR

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