HSBC finds pessimism over ability to secure mortgages

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HSBC finds pessimism over ability to secure mortgages

Fri 1st Apr 2011

A new study carried out by HSBC has revealed that would-be homeowners are pessimistic about their ability to get a fixed rate mortgage or other deal to secure a property in the near future.

The bank found that although more than 80 per cent of people aspire to become a first-time buyer (FTB), only 19 per cent expect to be able to make a purchase in the next five years.

Meanwhile, 45 per cent of respondents said they do not think they will ever be able to buy a home.

The majority cited raising a deposit as the main barrier, with 59 per cent reporting they do not earn enough to pay a mortgage each month.

HSBC head of mortgages Stuart Beattie said the key will be helping people to obtain a deposit and urged the government to do more to help.

He added: "HSBC is committed to helping FTBs and is currently working on a number of initiatives that will help the FTB cause."

The European Union recently proposed new legislation that would offer borrowers better protection on mortgages.

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