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:
Put off by protection jargon?
Many people find that the language of protection insurance isn’t particularly user-friendly, with confusing terminology often becoming a barrier to finding the right insurance. We believe that nobody should be prevented from protecting themselves and their loved ones...
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...
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...
(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