Figures from the price comparison website Moneysupermarket have revealed the number of mortgages available to borrowers with a 10% deposit is down by more than a quarter in the last year, whilst bank loans supporting buyers with a 5% deposit have dropped by a third in the last six months.
Moneysupermarketâ€™s findings make for uncomfortable reading as stagnant salaries and a lack of job opportunities for those starting out mean more and more people are struggling to save a significant deposit.
It is conceivable that first-time buyers with a 5% deposit may be forced to completely put off the thought of buying until they have at least a 10% deposit saved â€“ or secured parental assistance. There are currently only 28 loan options available to those with a 5% deposit and, in truth, many of these will carry unrealistic qualification criteria. This desperate situation has arisen despite the government and banks recently introducing an Â£80 billion â€˜Funding for Lending Schemeâ€™, designed to boost lending to households and businesses.
The House Crowd offers an alternative solution for first-time buyers struggling to raise a deposit for their first home. For as little as Â£1000, our straightforward and transparent crowdfunding property investment model provides a typical 12 – 14% return â€“ ideal for growing your deposit in order to take your first step onto theÂ property ladder.
The House Crowd is a brand new concept in property investment which allows people to invest small amounts via crowdfunding (for more information on the process, visit www.http://thehousecrowd.com/thehousecrowd//how-it-works/). We are committed to breathing life into empty, rundown properties whilst giving investors great returns on their investments (for more information about us, visit www.http://thehousecrowd.com/thehousecrowd//about/our-manifesto/). If youâ€™ve read enough and want to invest now, visit www.http://thehousecrowd.com/thehousecrowd//invest-in-property/).