WITH a fifth of young people believing it virtually impossible to get on the property ladder, Connells in Hereford is urging aspirational home owners to speak to its mortgage services consultants as buying a first home may be within closer reach than initially thought.

The Halifax's Generation Rent report suggests that 21% of 20 to 45 year olds think that they would struggle to get funding to buy their own home, but Connells believes that the right rate and right products are available to make home ownership accessible to many people.

“Many first time buyers dismiss the idea of seeking advice on buying their first home, mainly because they believe it is totally out of reach without a large deposit,” said Max Bukovets, mortgage partner for Connells in Hereford. “There are many competitive mortgage products available that require as little as a 5% deposit and getting on the property ladder could in fact become a reality.”

“Although there are still challenges for first time buyers, there are also opportunities and many positive incentives to help those struggling to purchase their first property. For instance, the government-backed ‘Help to Buy’ mortgage guarantee scheme is available to first time buyers with just a 5% deposit and the Help to Buy ISA launches this autumn giving people a chance to build a greater deposit pot,” continued Max. “We urge anyone looking to take their first step toward home ownership to contact their local Connells branch as, with access to good mortgage advice, their dream home may be within reach.”