Monthly cost of first home delay is £285

Analysis of the new homeowners market and the impact of interest rate rises indicate the increase in the house prices alone means FTBs must now expect to pay £75 a month more than in 2006, yet the cost is increased further as interest rate rises have added an extra £50 per month again. This is without even considering the cost of raising at least a 5% deposit on a property, amounting to an extra £700 in the space of one year just to raise the necessary deposit. That said, more first-time buyers are choosing longer-term and interest-only mortgages, suggests Nationwide, which means homeow...