Saving 'a borrower's prerogative'

Saving up a deposit for a property is part and parcel of climbing on to - and up - the property ladder, it has been asserted.

Catherine Hearnden, director of MyMortgageDirect, made her comments after the recent publication of figures from the Council of Mortgage Lenders, which showed that total gross mortgage lending stood at £14.5 billion in July.

This represented the second consecutive month of growth.

Ms Hearnden explained that, historically, people have always had to save up money for the deposit for their property and that this is something that will continue to be the case in the future.

As such, she stated that the amount of help that can be offered to first-time buyers and other potential purchasers from the government is somewhat limited.

"I think we have had it very easy and we'll just have to readjust to the fact that saving is up to borrowers," Ms Hearnden concluded.