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BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers` Nearly half of young mortgage holders `need help from family` Abbey cuts mortgage rates New arrears guidance issued by CML Mortgage fraud `on the up` CML expresses concerns over sale and lease back schemes

`Nearly £20k` needed to secure a mortgage

23/09/2008

First-time buyers in the UK looking to get a foot on to the property ladder require savings of £19,100 in order to secure a mortgage.

This is according to research carried out by The Co-operative Bank and Places for People, which also found that 91 per cent of people questioned would be prepared to make sacrifices in order to buy a home.

In addition, the study revealed that half of the respondents - some of whom may be experiencing debt worries - were willing to forego foreign holidays in order to save money for a property.

"Many more people are being entrepreneurial and making sacrifices in a bid to try and claw their way onto the property ladder including cutting down on eating out, holidaying in the UK rather than abroad and swapping supermarkets to drive down their food bills," stated Victoria Drummond, operations manager for Ownhome.

In other property news, potential mortgage holders were recently given words of encouragement by the National Association of Estate Agents, which said that buying a home should still be seen as a sound investment as the market will pick up in the next year or two.

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