Stratospheric house price increases over the last year may have had some homeowners rubbing their hands in glee, but that’s not the case for first-time buyers.
With an average increase of £23,600 since June 2020 according to Halifax data, many are finding that the home ownership dream is running away from them – especially as price growth is out of kilter with wages.
For those that do not have high salaries, or families with large sums of cash to gift them, raising a deposit is often one of the biggest challenges.
The financial sector has recognised this and cooked up a series of products to help first-time buyers get together that crucial lump sum, but what are they and is taking one a wise move?
