First-time buyers have been advised by one sector commentator to make sacrifices in order to save for a mortgage.
In news that may be of interest to those seeking a new mortgage, Michael O'Flynn, content editor for FindaProperty, said some lenders were tightening their borrowing criteria due to the current economic climate.
This meant that it was "highly unlikely" many new buyers would be able to secure a mortgage without a minimum deposit of ten per cent of a property's value.
"If first-time buyers are serious about getting on to the property ladder, we would recommend that they are prepared to make some sacrifices where they can," Mr O'Flynn explained.
This may include treats such as eating out and holidays abroad, which if cut out could see people securing the goal of owning their own home.
Those on the hunt for a new mortgage may also be interested to hear that research by the Co-operative Bank and Places for People last month found that the average first-time buyer felt that they needed to save £19,100 to get on the property ladder.
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