Thursday, May 5, 2011
Category:
Home Improvements
According to new research from Santander Mortgages, 23 percent of prospective first time buyers expect it to take ‘at least five years’ to save up enough money for a deposit.
It was found that 54 percent of those trying to get on the British property ladder will use their savings as a deposit on their first home, which is expected to take an average time of approximately 40 months to accumulate. A further 11 percent of prospective first time buyers reportedly believe that they could achieve their savings goal in one year, which is down from the 19 percent recorded 3 years ago.
Santander Mortgages have pointed out that ‘it’s not surprising then that first time buyers are looking for opportunities to increase their income’. Their findings have shown that 28 percent of this group are either taking on second jobs or overtime in order to increase their deposit fund. Furthermore, it was found that 27 percent are ‘hoping to boost their deposit by taking out a loan’.
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New homeowners who have recently managed to get on the housing ladder, but cannot afford to put their personal stamp on their new property, could consider taking out a secured loan. One of many finance options available, a secured loan for
home improvements could allow borrowers to completely redecorate and refurbish their property to suit their own personal tastes and lifestyles. What’s more, borrowers could even have a tired bathroom suite replaced, or have a top of the range kitchen fitted, if desired. A secured loan could allow borrowers to transform their new house into their ideal home.
