According to FirstRungNow.com, two-thirds of aspiring first-time buyers believe that 2011 will be a better time to purchase a property compared to a third who thought 2010 was the right time.
The survey revealed that around 70% of respondents were optimistic that they would qualify for a loan.
FirstRungNow.com said that, while a 10% deposit will not necessarily secure a mortgage in the current market, first-time buyers are in a good position to purchase with prices predicted to remain static or drop slightly and interest rates expected to stay low.
Helen Adams, website director of FirstRungNow.com, said: “Almost three-quarters of our respondents have already saved a 5% deposit right now.
“We need lenders to see sense and incentivise or subsidise those financially challenged borrowers by offering first time buyer mortgages. This should be funded by those further up the property chain who have invariably amassed significant property equity in the last fifteen years or so.”
However, Adams added: “Aspiring first-time buyers need a bit of a reality check. They need a significant deposit, to understand that lenders are very careful about who they lend to and that additional costs of such as mortgage payment protection will probably be required.”
