Graduate first-time buyers are still struggling to afford their first mortgage, a report out today has found.
The Scottish Widows Bank graduate first-time buyer report has found that 56 per cent of graduates are still to invest in their first mortgage and 70 per cent claim to be unable to afford to do so.
Head of product development and marketing at Scottish Widows Bank Richard Clark comments that the situation for graduates is getting worse and owning a property is a "pipe dream" for many.
"First-time buyers are struggling to save for that deposit and recent interest rate rises are acting as a further deterrent," he remarks.
As property prices and inflation rise, starting salaries have not moved inline with these changes, he adds.
Just over a quarter of graduates claim they cannot save for a deposit. These figures follow a statement yesterday from Paula John, editor of Your Mortgage, who said that first-time buyers are now taking five years to save for a deposit on a mortgage, with many asking mum and dad for financial help.
Graduate first-time buyers still struggle, report finds
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Graduate first-time buyers still struggle, report finds
Fri, 27 Jul 2007
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