Save for a home rather than gamble, expert says

03-Feb-2009

Prospective homebuyers should concentrate on saving up as much money as possible rather than depositing funds in property raffles, an expert has said.

It comes as website www.winmybungalow.com is currently offering a home worth £570,000 for the winner of a raffle - entry into which costs £25 a ticket.

But Helen Adams, managing director of first-time buyer (FTB) advisory firm FirstRungNow.com, believes most people would be better off by saving towards a deposit.

She said: "My advice is for people to save as much money as they can at the moment - rather than gambling it - and to start saving towards a deposit."

Her comments come as a lack of mortgage availability on the market amid the current economic crisis means that FTBs need to afford a good deposit to secure a loan to buy their first property.

For people who do have a little bit of money to risk, prize raffles might be a consideration, Ms Adams noted.

But there are "more regular routes to go down" for those looking to finance their first property, she added.

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.

Property market tipped for major recoveryGovt 'making a stand' for FTBsHouse price reduction predicted

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