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New home hunters say mortgages easier to find – Barratt

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  • 05/02/2013
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New home hunters say mortgages easier to find – Barratt
The number of house hunters struggling to find a mortgage has halved, according to a survey by Barratt Home Buyers.

Only 15% of the 2,275 respondents surveyed reported difficulties in finding a mortgage, compared to nearly a third a year ago. Those struggling to raise a deposit fell from two fifths a year ago to just over a quarter today.

Barratt Developments chief executive Mark Clare said: “There has clearly been a shift in the market with a growing belief that the availability of mortgage finance has become a little easier – that’s got to be good news for homebuyers.

“However, customers are overestimating the size of the deposit that they would need, particularly as NewBuy becomes established in the market.”

Home ownership was rated as important by 83% of homebuyers – more so than marriage (mentioned by 61%), having children, an active social life or foreign holidays. Half of respondents thought residential property was the most likely type of investment to give the best financial return over the next decade.

However, prospective homebuyers remain unaware of the support available, the survey also revealed – nearly two-thirds of homebuyers said they were unaware of a tax-payer backed mortgage scheme.

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