Budding FTBs urged to clear debt

Skipton Building Society said that those looking for a home should start saving as early as possible, control their spending and look at debt management before committing to a mortgage.

“Faced with industry figures – which put the average cost of a house in the UK at nearly £200,000 – climbing onto the property ladder must seem as daunting as climbing Everest,” Jennifer Holloway from the building society said.

“If you want to be a homeowner, you have to make the most of the money you have. Our advice for young people is to start saving as early as possible, even if it means forgoing the odd night out or new pair of shoes.”

Her urgings come as British house prices continue to soar despite the rise in the interest rate which was meant to slow this, making it more expensive than ever to get a home.

Due to this large burden, many may wish to seek advice on becoming debt free before taking on a mortgage, as missing repayments could result in repossession.