First time buyers will have to save up their deposit on a house for more than ten years, according to research from the housing charity Shelter.People looking to buy houses have been hampered by the high cost of rent, a housing shortage and low wage growth. This has made it difficult for people to save up enough to purchase a house, while property prices are too high.Affording a property is most challenging in London, where demand is high, while it is easiest in the north-east of England.The cost of mortgages is likely to have added to the issues of financing a house for new home buyers. However, the Funding for Lending Scheme (FLS) was implemented as a means to ensure first timers can get mortgages cheaper.Under FLS, the government invested in major banks so that they would agree to use this money to offer cheaper loans to first time buyers.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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