FTBs 'desperate to raise a deposit'

Posted: 16 Nov 2011 12:20:46 GMT

Would-be buyers are taking on second jobs and considering loans to afford a deposit.

First-time buyers (FTBs) are becoming increasingly desperate as they attempt to raise enough money to put down a deposit on a property.

This is the suggestion of new research from Santander Mortgages, which found 28 per cent of those hoping to get their foot on the first rung of the housing ladder are willing to take on a second job in a bid to generate extra funds.

According to the investigation, a further 27 per cent of those questioned admitted they would consider an unsecured loan to boost their finances.

Phil Cliff, director of the organisation - part of the Santander Group, which first begun life in 1857 - said: "The housing market is a tough place, particularly for first-time buyers and with property prices averaging over £200,000 it's no wonder people are becoming increasingly resourceful."

The industry figure recommended consumers continue to shop around for the best deals, as the mortgage market remains very active at present.
 

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