FTBs 'should be prepared to make sacrifices'

02-Oct-2008

First-time buyers (FTBs) who are serious about getting on the property ladder should be prepared to make sacrifices where they can, one expert advises.

Treats such as eating out and holidays abroad would be worth missing out on in order to save for a deposit, says Michael O' Flynn, content editor for FindaProperty.

He states that FTBs should keep their mind on the end goal of owning a home.

"In the current economic climate where mortgage lenders are tightening their loan criteria, it's highly unlikely that first-time buyers will be able to secure a mortgage without a minimum deposit of ten per cent of a property's value," Mr O' Flynn comments.

This would equate to £16,500 to £17,500 based on average house price figures from Nationwide and Halifax, he adds.

Research by the Co-operative Bank and Places for People from last month revealed that the average FTB felt they needed to save £19,100 to get on the property ladder.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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