The lender’s latest study reveals that 32% of people say they don’t know the size of deposit they would need to buy their own home with a further 32% think they need at least 20% or more.

Meanwhile, the study further found that 32% say the biggest barrier to homeownership is saving for a deposit.

Consequently, while 69% of people who don’t currently own their own home say that they would like to in the future, 22% think that it will take more than five years for them to be in a financial position where they can own their own home. And 36% believe they will never be in a position to do so.

The study surveyed a demographically representative sample of more than 4,000 British adults.

Pepper Money director of business development Ryan Brailsford says: With nearly two-thirds of potential first time buyers unaware of the size of deposit they would need, or think they need to save at least 20% of the value of their first home, it’s clear that there are thousands of hopeful homeowners out there who have written off their immediate chances to take a first step onto the housing ladder even though they may be in a position to do so.”