Average first-time buyer with cheap mortgage 'now 35'

The average age of a first-time buyer is now 35 years old, those looking to use cheap mortgages to get on the housing ladder have been told.
 
Figures published by Post Office Mortgages have shown that half of those aged 25 to 34 need a better paid job or a lump sum to fund their deposit and buy their first house.
 
Mike Cook, head of mortgages at the Post Office, has highlighted the fact that the deposit is the major barrier to home ownership, while others fear their mortgage rates will be too high.
 
"But there are very competitive options available for people who are keen to own their first home and prospective buyers may not have to wait until they are 35 to take this step," he conceded.
 
Matt Griffith, spokesman at PricedOut, recently warned that cheap mortgages still require large deposits but are - and will remain - available for those with the most equity.

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2011-08-22 12:55:43 © Moneyextra.com