First-time buyers 'need to save more'

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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.

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