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17.3m cannot get on housing ladder, says Abbey

Over 17m people are unable to get on to the property ladder, according to research from Abbey.

The bank found that of the 17.3m who are unable to get on the housing ladder, 6.9m say they cannot afford the deposit and 2.1m people claim to be unable to find the right mortgage.

There are 7.4m people that cite house prices as the main reason they cannot get on to the first rung.

Abbey mortgage product executive Nici Audham Gardiner says: “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. However, there other more surprising results, for example, job security, lack of time and finding the right mortgage.

“Strangely, despite hundreds of mortgages available to buyers, our research shows that 12 per cent of non-homeowners believe that they would be on the property ladder if they could just find the right mortgage.”


Newcastle extends product range

Newcastle Building Society has added a three-year stepped discount product and a two-year fixed product to its mortgage product range.The discount mortgage offers an annual discount from 3 per cent to 1 per cent on the building society’s current standard variable rate until the end of January 2010.Both products have a minimum loan of £15,000 […]

Widows in link-up with FundsNetwork

Scottish Widows has signed a deal with FundsNetwork, which will allow Widows retirement accountholders to access over 800 funds.


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