First-time buyers 'need to save more'

Fix energy prices until 30th September 2017

Looking to switch your business energy supplier? Click here

Use our OFGEM accredited comparison tool to compare the whole market today.

First-time buyers in the UK have been urged to save more after new research found that many have cut the amount of money that have put away for a deposit.

The study by Sainsbury's Bank found that 16 per cent of people aged between 25 and 34 are saving less than they were a year ago, with the cost of living cited as a major reason why.

It was also found that 36 per cent of people in the age bracket are not saving anything.

Neil Cameron, savings manager at Sainsbury's Finance, said: "Many mortgage lenders continue to restrict their deals, so those looking to get onto the property ladder need to be saving more not less.

"Those people saving for a deposit on a property should review any savings account they are using for this."

In a recent interview with the Coventry Telegraph, Loveitt's mortgage and protection adviser Chris Neal said that good mortgage deals are still available for those who have saved a deposit.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.



Found this page interesting?

Help spread the word and share this page with your friends and family on your social networks.