60% of First time buyers in Northern Ireland were able to borrow more than they had anticipated, according to a new report, however a third said it took more than two years to save for a deposit.
The study, conducted by Progressive Building Society, asked a number of questions relating to experiences of house-buying and mortgages and noted that overall, 64% of respondents found the mortgage process straightforward.
Just under a third of respondents said it took them between one and two years to save the deposit for their first home, while another third said it took them more than two years. Almost half of those people surveyed said they put down between 5 and 10% of the purchase price of their first house as a deposit while 29% paid between 11-20% of the property value. Just 21% of respondents said they had been able to afford to put down a deposit of more than 20% of the value of their home, reflecting the need to encourage regular savings habits in Northern Ireland.
When questioned about moving home, close to a third of those surveyed said they moved to their second home after a period of six to eight years; while a quarter said they made a move after three to five years.
Declan Moore, Operations Director at Progressive Building Society said: “This report gives us a clear insight into first time buyers’ experiences of house buying and the mortgage process. Buying your first home can be daunting and is undoubtedly one of the largest financial decisions we make in our lives.
“At Progressive we’re committed to working with our Members and customers to make the mortgage process as simple as possible, particularly for first time buyers as they step onto the property ladder. We are well placed to deal with the housing market across Northern Ireland as we have qualified advisors in each of our 12 branches offering face to face mortgage advice and guidance to those looking to purchase a home.”
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