First time buyers spend two years saving their deposit, yet are still short by £5,000, so the Alliance and Leicester .
First time buyers wish to save £11,710 for a deposit. Yet when questioned as to how much people put away, Alliance and Leicester discovered that would be homeowners looking to save only £270 a month for a period of two years.
They end up with just £6,570, £5,140 less than they need.
Current savings levels show that would be homebuyers need to save for 3.5 years to achieve their target deposit.
There is of course a mismatch between what first time buyers want to save as a deposit and what they do indeed save for a deposit for their mortgages .
Yet is is not necessary for first time buyers to save that much. They need only a 5% deposit to bag a competitive mortgage, thereby avoiding the penalties that are applicable to those who buy without any deposit.
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First Time Buyers Fall 5,000 Pounds Short Fri, 21 Jul 2006
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