First-time buyers 'need to save more'


The price cap is set to rise by £117 – switch supplier to cut your bills by up to £447* & the chance to win a Fitbit (T&Cs apply).

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jul 2018 and 31 Dec 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £447 or more.

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.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more