First time home buyers within the UK housing market are making a serious effort to gain a spot on the first rung of the property ladder. The latest data indicates the group is borrowing more than ever in an effort to move up and into their first home. As first time buyers are putting effort into landing their own homes, there is a concern about what could happen in the event of an interest rate increase for the ambitious bunch.

Although lenders are making it more than possible for first timers to land on the first rung, they are still borrowing more than four times the amount of their yearly salary, according to the most recent data. Lenders are going to lengths not seen in some time. They are bending the normal deposit amounts and many are requiring only 5% on many properties.

According to economic data recently released, first time buyers are lending currently at a rate not seen in more than a decade - actually, not seen in a dozen years. This is of great concern to many close to the housing market which see this massive amount of borrowing by first timers as a pathway to possible destruction of that sector of the housing market.

Research completed by Halifax regarding first time buyers also indicates the mass number of first time buyers has especially heated up over the past decade. In the year 2008, the number of first time buyers totaled just over 192,000. Fast forward to the year 2018, and the number of first time buyers explodes to 372,000.

Some lending experts urge those considering a home purchase for the first time to stop and think for a minute before making such a financial commitment.