New research from Clydesdale and Yorkshire Banks today (17 September) has revealed that almost 40% of first time buyers expect to take over three years to save a deposit for their first home.
The Banks’ Annual First Time Buyers Research found that the largest percentage (46%) anticipated taking between one and three years, however 10% of those surveyed plan to save for over five years to get onto the property ladder.
The boomerang generation – those who have rented a property and then moved back to live with their parents – hope to see the benefit when it comes to saving a deposit with half planning to save the required funds within two years and all those surveyed aiming to reach their financial goal within four years.
In contrast, almost 30% of those who are currently renting a property believe it will take more than four years to save a large enough deposit to buy their own home.
Steve Fletcher, Director, Retail Banking, said: “We understand that saving a deposit can be one of the biggest challenges for first time buyers, particularly for those who already rent a property and have considerable monthly outgoings.
“This is why Clydesdale and Yorkshire Banks have remained committed to offering mortgages specifically for the market with competitive rates which need just a 5% deposit to help make owning a home a reality.”
Clydesdale and Yorkshire Banks won the ‘Best First Time Buyer’ mortgage award for the second year in succession at the Moneyfacts Awards in London recently and have just been awarded an OUTSTANDING Moneyfacts rating for its fixed rate 90% LTV mortgage.
Moneyfacts stated: “Yorkshire Bank has amended its mortgage range. There is now a fixed rate of 3.39% to 30.11.20 with a maximum loan-to-value of 90% and fee of £999. This is the most competitive rate in its sector and the fact that it also offers remortgage incentives of a free valuation and free legal fees makes this a Moneyfacts "Best Buy".”
As part of their continued support for first time buyers the Banks are also offering a selection of market leading mortgages which offer a £250 cashback, no funds transfer fee and one free valuation*. These include a three year fixed 95% LTV mortgage at 4.49%* and a three year fixed 90% LTV mortgage at 3.09%*.
For more information, customers can contact their local branch, call 0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank, or visit our websites:www.cbonline.co.uk or www.ybonline.co.uk.