First time buyer news: First-time buyers become two-jobbers

03-May-2006

In some areas of the UK, almost one in five first-time buyers have two jobs in order to finance their purchase, according to latest research.

Bradford & Bingley's First-Time Buyer Report reveals that 'two jobbers' are working on average just under 12 hours extra per week.

Other groups looking to get a foot on the property ladder are working longer hours in their main job, with over 20 per cent working an average of 9.5 hours overtime a week.

Mortgage lenders have risen to the challenge of creating a growing number of options for first time buyers.

The survey also shows that nearly half of first-time buyers have amassed over £8,000 worth of debt before purchasing their first home.

"Just as they get used to the mortgage payments as well as paying off existing loans they could be surprised by an additional demand on their budget," comments Duncan Pownall, Bradford & Bingley's mortgage development manager.

As well as working overtime and taking up additional jobs, first-time buyers are also making sacrifices to their lifestyle.

First time buyers can make buying a new home affordable through a 'gifted deposit' scheme whereby a deposit is not required just the cost of professional and arrangement fees of £5000


A total of 55 per cent of respondents admitted that they are spending less going out to bars, clubs and restaurants and over a quarter are cutting back on mobile phone bills and gym membership.

Mr Pownall concludes that the clear message from the report is that the majority of first-time buyers are prepared to work hard to save for a deposit and compromise if necessary.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker.

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