Money matters playing on minds of first time buyers

04-Sep-2007

Money issues are the biggest concern for almost a fifth of all Britons, according to Alliance & Leicester, with the cost of a first home likely to be among the most significant aspects of financial expenditure.

The study found that a third of Britons are taking on second jobs or working overtime in order to cover their living cost – around the same number who find the week before pay day the most worrying part of the month.

Despite this, the study found, 37 per cent of worriers say they have in the past simply avoided checking the state of their finances too closely in order to calm their fears.

"Money is obviously a topic at the forefront of most people's minds," commented Alliance & Leicester head of current accounts Andy Bayes.

"Regardless of whether money worries stem from managing day-to-day finances or finding the money in the run up to special times of the year, it's crucial people check that their bank account is working hard for them," Mr Bayes added.

Over a fifth of all first-time buyers took out an interest-only mortgage in June in order to keep costs down, the Council of Mortgage Lenders revealed last month.

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