Alliance & Leicester urges first-time buyers to clear debts
www.moneynews.co.uk > Mortgages > Alliance & Leicester urges first-time buyers to clear debts
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Money News |
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Alliance & Leicester urges first-time buyers to clear debts
Thu 28th Sep 2006
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A study undertaken by the bank shows that three out of every four prospective first-time buyers have admitted they have outstanding debts while attempting to save for their deposit.
The total amount of debt accrued is highest in the West Midlands with an average figure of £6,870.
The national average stands at £5,860 for a potential first-time buyer before climbing the property ladder.
Mr Leonard recommended: "I would urge first-time buyers to be pragmatic about getting onto the housing ladder if they have outstanding debts.
It would be advisable to try to avoid unnecessary debt and look to pay off any outstanding debts before they start saving for a deposit."
Almost one in three of those questioned in the survey stated that they had not saved anything towards a deposit even though their aim was to purchase a house within two years. Those completely free of debt totaled 24 per cent.
A recent survey by the Royal Institution of Chartered Surveyors indicates due to ever increasing house prices, a sum of £29,000 is needed for couples buying their first home in order to save for their deposit and stamp duty.
Related News : Mortgages |
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Related News : Alliance & Leicester |
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