FTBs 'must cut back on luxuries'

14-Oct-2008

Cutting back on the number of luxury purchases is crucial for first-time buyers (FTBs), according to one expert.


Michael O' Flynn, content editor for FindaProperty, says this is what is necessary for "serious" property hunters to be successful at getting a mortgage.


"Treats such as eating out and holidays abroad may be worth missing out on for a year or two," the expert adds.


FTBs need to keep their minds set on the "end goal of owning a home", Mr O'Flynn continues.


Research by the Co-operative Bank and Places for People from September 2008, found that the average FTB felt that they needed to save £19,100 to get their foot on the property ladder.


The survey also revealed that 54 per cent of people thought that renting was like throwing money down the drain and nine per cent felt that they were not prepared to make sacrifices to buy a property.


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