First time buyers 'struggle' with unexpected bills

18-Dec-2006

First time buyers are finding it difficult to cover the cost of unexpected bills as the festive season approaches, research suggests.

According to a study by Birmingham Midshires, over 30 per cent of first time buyers under 30 are increasingly finding it difficult to cover the costs of unexpected bills, having to dip into savings in order to make ends meet.

With the costs of gas and electricity rising by around 38 per cent over the last 12 months, London's first time buyers were the most likely to delve into their savings.

"Our latest findings make for worrying reading as we move into the coldest season of the year," said Jason Robinson, director of savings and investments for Birmingham Midshires.

"Christmas can be an expensive celebration and [Britons] need to make financial provisions in order to cope," he added.

According to the survey, women were less able to meet the costs of unexpected expenses, with 26 per cent raiding savings, compared with fewer than 25 per cent of men.

Aspiring first time buyers worried about how their debts will affect their borrowing power should contact a good broker.

Birmingham Midshires offers a range of products, including mortgages and savings accounts.

As the market for first time buyers toughens, new companies are offering new services to help first time buyers buy new properties by working with the house-builders.

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