Taking that first step onto the property ladder these days can be very difficult and although there is a lot of support available to first-time buyers (FTBs), there are many challenges that people have to face in order to buy their first home.
Research from Clydesdale and Yorkshire Banks has highlighted just what some of these challenges are, with saving for a deposit emerging as one of the biggest financial hurdles you'll have to face. Renters appear to have bigger struggles than those who live with their parents or other relatives, with just 41 per cent receiving financial assistance. This compares to the 62 per cent living with relatives who receive the same.
This is most likely down to the fact that 21 per cent of people who do live with their parents before investing don't pay any rent, although 52 per cent do contribute a fixed amount each month, with 22 per cent contributing to food and bills.
Renters do appear to find it more stressful trying to get on the property ladder, with 28 per cent admitting that they put pressure on themselves to take that next step, compared with 16 per cent of people living with family.
Head of customer banking networks at Clydesdale and Yorkshire Banks Steve Fletcher said: "Buying a first home is one of life's most significant financial milestones and the Banks can work with the individual needs and circumstances of potential first-time buyers to help make their dreams of becoming a homeowner a reality."
If you are looking to take out a mortgage, be cheered by the latest Council of Mortgage Lenders figures showing that lending for homeowner house purchases was up 60 per cent year on year in March. FTBs borrowed £4.5 billion, a rise of 32 per cent compared with February and up by 29 per cent on March 2015.
Formerly beercock wiles & wick, beercocks is a family-run estate agents that covers the Hull, Beverley, East Riding of Yorkshire and the North Lincolnshire area. Get in touch to find out more.
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