Prospective first-time buyers should 'spring clean' finances.

16-Mar-2009

First-time buyers could find it much easier to get onto the property ladder if they give up a few luxuries, says a new report.

Halifax, one of the UK's leading providers of mortgages to first-time buyers, compiled the report which suggested people struggling to afford a deposit should "spring clean their finances".

By drinking less alcohol, quitting smoking and cancelling gym memberships, Halifax estimates that prospective first-time buyers could save up to £1,799 each year.

Jaedon Green, head of mortgage development at Halifax said first-time buyers just needed to identify a few "simple changes" to make "a big boost to their deposit pot".

According to the report, almost half of prospective first-time buyers did not think they would be able to raise a deposit for their first home.

Last week a report by the Council of Mortgage Lenders said lower interest rates and multiple incomes have made mortgage payments easier. On average in January, first-time buyers borrowed three times their income.

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.

AMI calls for more first-time buyer mortgagesLenders 'more favourable on shared equity'Living with parents 'simplest solution for FTBs'

2012: May | Apr | Mar | Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar