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.


Tell others:


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.