Most find mortgage process working

Declan Moore
Declan Moore

Almost two thirds of first time buyers in Northern Ireland were able to borrow more than they had anticipated, according to a new report, though a third said it took more than two years to save for a deposit.

The study, carried out by Progressive Building Society, polled the experiences of house-buying and mortgages and noted that overall, 64% of respondents found the mortgage process straightforward.

Just under a third 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.

“This report gives us a clear insight into first time buyers’ experiences of house buying and the mortgage process,” said operations director Declan Moore.

“Buying your first home can be daunting and is undoubtedly one of the largest financial decisions we make in our lives.”