Fewer mortgages being given to younger people

Years of restricted access to credit have squeezed twentysomethings out of the housing market to such a degree they now account for fewer than 5% of mortgage holders, according to new research.

The past decade has seen the percentage of mortgage protection policyholders in their 20s dwindle to 4% of the market compared to 19% in 2004, data from Royal London shows.

As mortgage protection policies are almost universally needed before a home loan can be drawn down, the figures provide a good insight into changes in the mortgage market over that time.