First time buyers pessimistic on chances of mortgage approval

By Natasha Adamson

A new report suggests that 79 per cent of first time buyers aged between 20 to 45-years-old believe that banks do not want to lend them money.

The report was carried out by Halifax and shows that while the number of first time buyers increased in 2014 to its' highest level in 7 years, confidence is low among would-be house purchasers that their mortgage application will be approved. One in five first time buyers think it is "virtually impossible" to get a mortgage, and the 3 barriers to property ownership that were most regularly cited are the size of the deposit required, high property prices and low wages.

Of the first time buyers surveyed only 43 per cent were actively saving for a deposit, and they expect to be saving on average for 5.3 years.

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