The average stamp duty bill for first-time buyers has almost doubled over the last five years, says a report from mortgage lender Halifax.

The average bill in 2007 was £1,751 compared with £960 in 2002.

In the south-east, south-west and east of England almost all first-time buyers paid stamp duty, while in northern regions only 42% were liable, it said.

The Treasury pointed out that half of first-time buyers will pay no stamp duty this year.

The lowest, 1% tax band hits homes worth between £125,000 and £250,000.

'Raise thresholds'

Homes valued between £250,000 and £500,000 attract a 3% charge and properties worth more than that are taxed at 4%.

Although the government has raised the threshold at which buyers pay 1%, it has not kept pace with the surge in house prices.

"Stamp duty has again become an issue for first-time buyers because the stamp duty thresholds have not kept pace with house price inflation," said Martin Ellis, Halifax chief economist.

"We call on all political parties to raise the stamp duty thresholds to compensate for house price inflation over the past decade," he added.

But the government defended its record.

"Half of all first-time homebuyers and around two-fifths of all homebuyers will pay no Stamp Duty Land Tax this year," a Treasury spokesman said.

Meanwhile, the latest figures show that the UK housing market is slowing.

According to a monthly survey from the Halifax, prices across the UK fell by 0.3% in February, taking the annual rate of inflation down from 4.5% to 4.2%.

New research has found that more than 738,000 applicants have been turned down by mortgage firms in the last six months.

In the six months from March the figures have shown that 738,000 mortgages were rejected, compared to 463,000 in the previous six months.

The research also states that those aged 25 to 34 were worst affected, about 382,000 had an application rejected.

The financial environment is far more rigorous compared to this time last year and people need to be prepared for possible rejection.

The problem is not only connected with first time buyers, more people who are looking to remortgage are also finding that they are also being refused. In recent months this has been as a result of the bad debt crisis that has affected sub-prime mortgage markets in the USA.

Put quite simply lenders do not want to take risks when there are pressures on how much people can afford, so it's up to the applicant to convince the potential lender that they can afford the ongoing repayments on their mortgage.

First-time buyers will have to fork out a cool million pounds to get a foothold on the property ladder in less than 20 years, data showed on Monday.

The average first-time buyer home in the UK will hit the million pound mark in the second quarter of 2024, if the current trend in house price and income growth continues, according to Stroud & Swindon Building Society.

It said that would equate to seven times the average salary, projected to be 146,188 pounds by then, if earnings continue to increase at current levels.

Those in Greater London will see the average first-time buyer property price soar above 1 million pounds the soonest -- within 12 years -- if house price inflation is maintained at the same rate of the past decade.

The typical first-time buyer home would hit that price within 16 years in the south-east of England and 17 years in the south-west.

Property in Scotland would take the longest to achieve that price, reaching the one million mark in 29 years.

Paul Chafer, sales director at Stroud & Swindon, said the "shocking picture of a potential future" suggested the next generation could put off buying property or other life goals, such as marriage or children, to get on the property ladder.

"Most people aspire to owning their own home, but this research shows that our children are going to find it very difficult to get onto the housing ladder," he said.

"Even if house price increases slow down to more acceptable levels, in future first-time buyers are going to be forced to put off purchasing their first home even longer and have to rely increasingly on the 'bank of mum and dad' to help with the deposit."

The findings come after the country's second largest mortgage lender, Abbey, increased the amount it will typically lend to up to five times income to help struggling first-time buyers.

But Chafer said it was pointless to increase income multiples if it would result in consumers taking on levels of debt they could not service.

The projections are based on Office for National Statistics figures that show the cost of an average first-time buyer home has risen 11.5 percent per annum since 1996. The average income has increased at a rate of 7.4 percent per year over the same period.

Hundreds of thousands of homeowners missed mortgage payments last year, with young borrowers most at risk, a charity survey said on Wednesday.

The Citizens Advice poll found that 770,000 people fell behind with one or more payments, raising the threat of repossessions.

More than one in 10 aged between 21 and 24 said they had missed at least one payment. The problem could worsen if interest rates and house prices keep rising.

Most analysts expect the Bank of England to hike rates again this year from 4.75 percent. Soaring house prices have forced first-time buyers to stretch to get on the property ladder.

"We are very concerned about the numbers of people who are missing payments," the charity's Chief Executive David Harker said. "We don't want people to borrow far more than they can afford."

Many people were confused about secured loans, where money is borrowed against an asset such as a house.

One in 10 thought the loans allowed them to miss payments without losing their home, while a further 10 percent believed they could choose how much to repay each month.

Harker urged banks, mortgage lenders and loan companies to be far more transparent with customers.

"If people are considering becoming homeowners they need to understand clearly what they are taking on," he said.

Citizens Advice bureaux dealt with more than 51,000 inquiries about mortgage and secured loan arrears and 87,000 questions about actual or threatened homelessness.

Research firm GfK NOP polled 2,057 adults between August 3-8.

When you are tired of paying interests for over a period and yet no relaxation is given through your current mortgage, you must be searching some viable option to overcome the situation. That is why Knowing about remortgages is quite essential. Remortgages are best known as a replacement of existing mortgage without moving from your house.

A remortgage is often adopted to avail the countless benefits it offers to the borrowers. Lenders have sincerely researched the needs of borrowers for which they seek remortgage. That is the reason they are able to provide different types of remortgages that suits different borrowers.

Most popular among them are bad credit remortgages, home equity remortgages, debt consolidation remortgage etc. Every borrower has some kind of drawbacks during the remortgage process. A good lender should be able to understand them and find a fitting solution.

Adverse or bad credit history of the borrower is very common now. Reasons like CCJs, IVAs, default, arrears in payment, bankruptcy or even a single missed payment make borrowers a bad creditor.

Ultimately, remortgages will allow you:

* To save considerable amount of money through reduced monthly payment

* To raise capital through releasing equity in your property

* To consolidate your debt by combining them in single manageable payment

* To choose different rates of interest like fixed interest rate, standard variable rate etc

In today's changing scenario, many borrowers choose to switch their mortgage to another remortgage every few years to take the maximum benefit of new interest rate offers. If you continue with your mortgage for the full term on the same deal with the same lender, believe me! You will loose thousands of pounds. It is never too late! Think again.