According to estimates by the Council of Mortgage Lenders (CML), 80 per cent of all consumers under the age of 30 require financial help from a parent or relative to get on to the housing ladder.
The CML says that the credit crunch has had the effect of decreasing the chances of consumers in the traditional first-time buyer age bracket (25-34 years) from securing a mortgage deal by about half.
Further to this, the CML explained the housing shortfall is also hampering the first-time buyer market.
However, it claimed the "most striking" feature of the housing market at present is that first-time buyers are required to pay a deposit "equivalent to more than their total gross annual household income".
The CML said: "Only three years ago the deposit required to enter the market was a much more manageable - but still hefty - 37 per cent of annual household income, at £12,700."
The CML recently predicted that mortgage lending in the UK will pick up in 2010, but at a slow rate of recovery, yourmortgage.co.uk reports.
Majority of under-30s need help getting a mortgage
Mortgage Quote Line
0845 108 0505
Majority of under-30s need help getting a mortgage
Wed, 03 Mar 2010
Recommended links
Compare the best mortgage ratesDeposit calculator
Mortgage affordability calculator
How much can I borrow calculator
UK mortgage lenders directory
Browse mortgage rates and offers
Cheap mortgage rates for first time buyers
Current fixed rate mortages
Compare tracker mortgage rates
Remortgage rates and offers
Quick bridging loan quote
Types of bridging loans
Self build mortgages and quote form
Compare buy to let mortgage rates and deals
Commercial mortgages
Expat mortgages and quote form
Ways of releasing equity in your property
First time buyers guide
Mortgage arrangement fees
Mortgage interest rates
First-time buyers get mortgage opportunities
Pre-Budget report neglects mortgages, AMI says
First-time buyers still not getting mortgages
Mortgage customers get seven-year itch
Loyal customers get mortgage deal from Abbey
First-time buyers getting raw mortgage deal
Get mortgages sorted now to avoid stamp duty, homebuyers warned
Brits still want to get a mortgage, poll says
First-time buyers helped by Budget, says Co-op
Budget should have abolished stamp duty, says AMI
CML responds to Budget mortgage measures
Mortgage lender gets tough on borrowers
Get your fixed-rate mortgage now, says expert
Mortgage lenders to get further bail out
CML responds to new mortgage regulation proposals
BSA responds to new mortgage regulation proposals
Backing for FSA proposals on mortgage arrears
FSA unveils proposals to protect mortgage holders in arrears
Mortgage holders reveal property buying stress
Mortgage interest payments down as proportion of income
Property more affordable for first-time buyers
First-time buyer mortgage helps boost east midlands property market
Good time to buy property, says BSA survey
| mortgages news |
|---|
| BoE reveals fall in mortgage approvals - Fri, 30 Jul 2010 |
| Santander cuts fixed mortgage fees - Fri, 30 Jul 2010 |
| Homeowners encouraged to fix their mortgage - Thu, 29 Jul 2010 |
| More News |
Mortgage Rates by Lender 
Worried about Mortgage Repayments?
- Join our petition to Government to bail out burdened individuals, not just banks.
Free Mortgage Quote
Mortgages in Scotland
Equity Release
Switching Mortgages
Home Reversion Plans
Commercial Mortgages Arrears & CCJs?
Remortgages- Sub prime mortgages
- Arrears, CCJs
- Self certification
- Debt consolidation
Protect Your Mortgage