First-time buyers in the UK are more concerned about securing a mortgage than getting hold of the best available deal.
This is according to Paula John, editor-in-chief at Your Mortgage – an independent website providing home loan news and advice – who explained this is the number one priority for most people looking to get their foot on the first rung of the property ladder.
Ms John explained these individuals can expect to stump up a five per cent deposit in order to access the housing market, while other providers are likely to require an even bigger sum.
She stated: “They will all demand squeaky clean credit records and then there will be other criteria in place as well.”
The comments come in response to new findings from the Building Societies Association, which showed mortgage approvals by mutuals increased by 67 per cent in May when judged against the corresponding month in 2011.
It was shown these were also 32 per cent greater than the average of the last six months, while 24 per cent of new lending in 2012 was handed to first-time buyers .
