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First-time buyers miss out on £147 per month towards first home

Sunday, 15 March 2009 9:20 AM

First-time buyers could save £1,799 a year to put towards a deposit if they reorganised their finances, according to the Halifax.

Halifax, the UK's leading provider of mortgages to first-time buyers (FTB's), says their research shows almost half of would-be FTB's aren't confident in being able to raise a deposit for their first home.

However, the Halifax says many potential FTB's are not taking advantage of everyday savings which cold make a big difference to their deposits. By making a few simple lifestyle adjustments, the Halifax says FTB's could save £147.37 per month.

Jaedon Green, head of mortgage development at Halifax said: "Our research shows that spring cleaning your finances can potentially save first-time buyers thousands each year. By identifying a few simple changes to their everyday routine and saving regularly, first time buyers can make a big boost to their deposit pot."

The Halifax also noted a smoker who quits a 20 per day habit could more than double this by saving an additional £1,930 over the year, bringing total savings to £3,698.44.

The 'quick-fix top six' recommended by the Halifax are:

  • Quit smoking
  • Cancel gym membership
  • Cut out morning latte
  • Cut out one take-away a week
  • Drink two less pints of beer a week
  • Swap a litre of bottled water for tap water.

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