First-time buyers willing to sacrifice to save money

Research from Abbey has revealed that one in five potential first-time buyers would move back in with their parents in order to save money to afford a mortgage.

Half would abstain from alcohol and holidays to keep their savings intact, while one in 20 would risk the cold and turn off their heating to help raise a deposit for a home.

Head of mortgages at Abbey, Nici Audhlam Gardiner, said: “With first-time buyers struggling to get onto the first rung of the property ladder, prospective homeowners are having to make big sacrifices to build their finances.

“However with a typical first-time buyer taking as long as five years to save up a five per cent deposit, people would need an iron will to sacrifice anything they enjoy for that long.”

Abbey’s findings follow a study that shows a growing number of first-time buyers are prepared to take substantial risks with their finances.

According to Yorkshire Bank, more than 80 per cent of hopeful first-time buyers would consider a 25 year-plus mortgage, while 28 per cent are willing to make an immediate above-asking price offer on a property.