New industry figures indicate what mortgage deals are preferred by first-time buyers, in findings that may be of interest to many prospective mortgage holders across the UK.
According to internal data from financing website Moneyextra, the average mortgage borrowed by someone looking to take their first step on the property ladder is £139,464.
Meanwhile, the average property value is £177,096 and the typical loan-to-value figure is 78.75 per cent.
However, the fact that the average mortgage deposit has risen 11 per cent in the last 12 months to £37,632 is causing financing difficulties for many first-time buyers, according to Robin Amlot of Moneyextra.
"It's no wonder the so-called lower end of the housing market is stalling with young people attempting to get onto the housing ladder being required to save … a year and [a] half's average earnings," he said.
Earlier this month, the increasing cost of buying a home was underlined by new research from financial services provider Nationwide Building Society .
According to the figures, the average house price increased by 10.2 per cent in the year to February 2007.
Mortgage preferences of first-time buyers revealed
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Mortgage preferences of first-time buyers revealed
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