FTB's urged to save, save, save

With no obvious sign of extra funds pouring into the availability of UK mortgages first time buyers are being urged to save, save and then save.

Many professional organisations have spent months urging UK lenders to loosen the purse strings on mortgage funding - but their pleas appear to have gone unheard by many of the country's major banks and building socieites.

Deposits demanded by mortgage companies are still out of reach of the majority of first time buyers unless they are able to borrow large sums of money from parents or other family members so it seems unless deposits are lowered there could be a whole generation of Brits who become renters rather than homeowners.

Several economists predict that 2011 will bring further price cuts across whole sectors of the UK property market and FTB's are advised to work out a savings plan that will give them an edge when financial conditions ease.