Some 17.3 million Britons are unable to
find a mortgage, according to new research.
Among potential British
buyers, 7.4 million state that the high cost of
houses is preventing them from affording a
mortgage, a study from
Abbey has revealed.
Additionally, 6.9 million cannot afford the deposit for a mortgage, while 2.1 million are unable to find the right mortgage to suit their needs.
Some 2.7 million
first-time buyers compromise on the
property they are looking for because of issues with the mortgage, the survey found.
Furthermore, many potential borrowers believe that other factors would prevent them from taking out a mortgage, with job security, lack of time and desire to avoid commitment featuring.
Nici Audham Gardiner, mortgage product executive at Abbey, said: "There are
people who feel that they do not want to get on the
property ladder, but those who do face many barriers of which the most notable is the cost of
homes ."
Earlier this month, research released by
IFA Promotion indicated that 49 per cent of first-time buyers cannot afford to find a mortgage.
