New research from the Building Societies Association (BSA) shows that many aspiring first-time buyers could be closer to owning their own home than they think.
The findings show that almost half (47%) of people who want to buy their own home have never spoken to a lender or mortgage broker to check what options are available to them.
Even among those who have, around half (46%) have not done so in the last year.
When shown options available from building societies that require no or low deposits, two-thirds (67%) said they would be able to buy a home sooner than they thought.
More than half (59%) of today’s first-time buyers have less than £10,000 in savings and on average they think it will take around six and a half years until they can buy.
One-in-three (32%) believing they will never achieve homeownership, blaming affordability and deposit issues.
For most aspiring buyers, owning a home is about more than bricks and mortar. The biggest motivations are greater stability (53%), having their own space (49%) and no longer paying rent (47%).
Delays in getting on the property ladder is also having wider social impacts.
One in five (20%) say they are holding back on committing to their partner or getting married, more than a quarter (27%) are postponing starting a family and around one-in-five (18%) are putting off starting a business until they become homeowners.
A BSA spokesperson says: “Too many aspiring first-time buyers assume homeownership is off the table without ever checking what is actually available to them.
“This research shows that’s a mistake! When people explore the kinds of mortgages building societies offer, many realise they could buy sooner than they thought.
“Building societies have been helping people into their first homes for more than 250 years and that hasn’t changed, we’re still innovating.
“A simple conversation with a building society or mortgage broker could open doors that you may not realise were there.”
This article is taken from Landlord Today