Liz Truss' infamous mini-Budget blew housing affordability apart for first-time buyers ✍️ Dominic Hiatt for ipaperviews
Of course, even to get onto the property ladder and see 39 per cent of your net pay swallowed up by your mortgage payment, you need to find a deposit. And even though house prices are coming down, they’re still astronomically high and have left salaries in the dust since early 2020.
, either in the form of a gift or loan from family or a friend or through inheritance – up from 27 per cent in the mid-1990s”. Another thing that will help first-time buyers, according to Lea Karasavvas, managing director at Potters Bar-based mortgage broker, Prolific Mortgage Finance, is a price war between lenders: “Competition among lenders to gain market share has already started a price war that first-time buyers can benefit from.”
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