Saving for a deposit has been cited as a major barrier to purchasing a home by 59% of people, according to the latest survey from the Building Societies Association (BSA)1.

Climbing from 54% in December last year and just 40% last June, raising a deposit is currently the biggest obstacle. Head of Mortgage and Housing Policy at BSA, commented: “It remains clear that there are many people for whom the pandemic continues to have a negative financial impact.” 

The quarterly property tracker outlines lack of job security as a barrier to purchase by 45% of people, down from 59% in March. Access to mortgage finance is seen as a barrier by 37% of people, with worries concerning falls in property prices a barrier for 16%. 


Your home may be repossessed if you do not keep up repayments on your mortgage. 

Sources: 1bsa.org.uk

Catch up on our other blog posts:

How does income protection work?

How does income protection work?

Income protection insurance refers to a group of insurance products that help you out financially, if you lose your income due to injury or illness. The COVID-19 pandemic has greatly increased awareness of the importance of having a safety net to fall back on in times...

read more
Protection and the gender paradox

Protection and the gender paradox

Despite a better understanding of the limitations of state health and welfare support than men, women are less likely to engage with group protection benefits. Its a phenomenon that Legal & General1 have termed the ‘gender paradox’. Despite knowing that state...

read more

(Your home may be repossessed if you do not keep up repayments on your mortgage)

We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)

For Lifetime Mortgages/Equity Release the fee will be £799.

Our mission is to provide honest mortgage advice, whilst helping you save money.

Get in contact

Flexible appointments

Or call —02380224925

R

Providing helpful and friendly mortgage advice in Southampton

First Floor, 9 Salisbury Road, Totton, Southampton, SO4O 2HW

02380 224 925

info@southcoastmortgages.com

South Coast Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 59 The Avenue, Southampton, Hampshire, SO17 1XS. Registered Company Number: 08414746 Registered in England & Wales.