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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 Business groups call for further rate cuts Interest rate cut `will help some struggling borrowers` Mortgage approvals `hit by continued market uncertainty` Company reduces rate of home loans Mortgage rates `to rise` Consumers `will be hit by reduced credit` `Nearly £20k` needed to secure a mortgage Borrowers urged to take advantage of good mortgage deals Mortgage lending falls in August Variable-rate mortgages `increasingly appealing to homeowners` Parents `relying on loans to cover school fees` Further mortgage rate cuts announced Remortgaging `on the rise` Mortgage lenders call for swap plan renewal Homeowners encouraged to shop around for mortgage deals

`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.

Bachelors `forced to spend more` 17/11/2008 - People who live by themselves find it more difficult to Bankruptcy `increases by 7%` 17/11/2008 - The number of consumers in England and Wales facing bankruptcy Finances `causing women sleepless nights` 14/11/2008 - Financial concerns, potentially including debt problems, are causing women sleepless Christmas spending slowdown expected 13/11/2008 - Christmas spending is expected to stagnate this year, as consumers