Wexford First-Time Buyers Struggling to Save for Mortgage Deposits, Says Leading Broker

First-time buyers in County Wexford are getting older and finding it increasingly difficult to save for a mortgage deposit, according to a leading Irish mortgage broker.

Margaret Barrett, CEO of Mortgage Navigators, says the average first-time buyer her company deals with is now aged between 37 and 40.

She says rising rents, the cost of living and a lack of consistent savings are creating significant obstacles for those hoping to get onto the property ladder.

"We are seeing mortgage application refusals because the buyers have not saved enough to convince the bank they are a reliable borrower," she said.

Ms Barrett says many buyers are now relying on financial gifts from family members and Government support schemes to secure their first home.

She is urging younger workers to begin financial planning earlier, even if buying a property is still several years away.

Maintaining regular savings, avoiding missed loan repayments and demonstrating financial responsibility can all help strengthen a mortgage application.

However, she acknowledges that rising living costs are making it increasingly difficult for prospective buyers to put money aside.

Ms Barrett says seeking professional mortgage advice early can help first-time buyers understand what they need to do to improve their chances of securing a home.