Getting on the property ladder is proving to be an increasingly difficult achievement for many Britons.

Such is the claim of Equifax, where research carried out reveals that just under half (47 per cent) of prospective first-time buyers believe the withdrawal of 125 and 100 per cent mortgages have meant that they have had to delay buying their first home.

Just over a quarter (28 per cent) of consumers cite an inability to afford a deposit as their main reason for not buying a house. Meanwhile, 13 per cent think that they are already in too much debt to get themselves on to the property ladder, with 18 per cent of Britons thinking that they will be unable to meet the cost of monthly mortgage repayments.

Following on from difficulties with managing mortgage costs, it may also be possible that consumers develop problems with other areas of finanical constraint in areas ranging from personal loan repayments to credit card and utility bills.

In addition Equifax revealed first-time buyers are struggling to afford a deposit, with some 42 per cent revealed to have saved less than five per cent of the value of a home to place on a mortgage. On the other hand, only four per cent have set aside a deposit of at least 20 per cent.

Neil Munroe, external affairs director for Equifax, said: “The Bank of England interest rate cuts will be welcome news for homebuyers, however as lenders continue to close the door on 100 per cent mortgages, first-time buyers don’t have much room for celebration. Our recent survey of consumers who have bought a copy of their credit report or credit rating revealed that 61 per cent of those without a mortgage plan to buy a property in the next six to 12 months. But many of those were banking on getting a 100 per cent mortgage.”

He went on to report that even those consumers who have the deposit necessary with which to make a downpayment on a home may encounter difficulties in securing a good mortgage rate. However, he did point out that the base rate cut by the Bank of England earlier this month “should go some way to helping homebuyers find affordable mortgage deals” should money lenders choose to pass on such a reduction to their consumers.

The firm recommended that prospective first-time buyers scour the market when looking for a mortgage deal. Meanwhile, getting a copy of their financial history and being truthful with applications to borrow was also advised. Furthermore, consumers were urged to factor in all property-related expenses, including areas such as solicitor and estate agent fees and stamp duty, when calculating how much money they have available to spend on their first home. Upon buying their home, Equifax reminded people of the need to set up a monthly budget charting all the various demands on their spending that they may face.

For consumers worried about their ability to manage their money after taking their first steps on the housing ladder, a debt consolidation loan might prove to be helpful. By getting this loan, borrowers can meet various spending demands - from credit cards and mortgage repayments to household bills and council tax payments - quickly and effectively. A cheap consolidation loan could also help people worried about setting enough money aside for a property deposit to generate disposable income. This could prove to be of particular assistance for many consumers after Gareth Mackie, a spokesperson for Halifax, reported that many Britons are struggling to save cash for the future in the face of rising costs in areas such as council tax, utility bills and petrol prices.

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