This is according to new research from Santander Mortgages which showed that over half of first-time buyers (54%) say they’ll be using savings as their deposit for their first home with the average time expected to save around 40 months. Around one in 10 (11%) think they could save fast enough to accumulate their deposit in one year – that’s down from a fifth (19%) three years ago.
It’s not surprising then that first-time buyers are looking for opportunities to increase their income. Just over one in four (28%) are now taking on second jobs or overtime to boost their deposit fund and another 27% are hoping to boost their deposit by taking out a loan.
Phil Cliff, director of Santander Mortgages, commented: “Saving for a deposit is no easy task, especially in today’s financial climate, with many customers, especially in recent years, having to put down larger deposits to secure their mortgage. Santander is committed to lending its support to First Time Buyers which is why we’ve launched a range of 10% deposit products to help them step on to the property ladder.”
All of Santander’s current 10% deposit product range comes with its Homebuyer Solution which offers borrowers a free standard mortgage valuation and £250 cashback on completion.
