Abbey Mortgages urges first-time buyers to use their deposit wisely

Money News

www.moneynews.co.uk > Mortgages > Abbey Mortgages urges first-time buyers to use their deposit wisely

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Abbey Mortgages urges first-time buyers to use their deposit wisely

New research from Abbey Mortgages has found that 1.1 million first-time buyers have opted to delay buying a home for at least the next 12 months.

That amounts to 67 per cent of all first-time buyers, who have collectively saved £31 billion worth of deposits.

Abbey is recommending that the money could be invested wisely over the next year, which would have the potential to make them an extra £2 million interest.

It notes that with house prices currently only growing at a rate of 1.1 per cent and the average interest paid on a high interest account standing at 6.5 per cent, first-time buyers could make their money go further in a savings account.

Paul Cliff, Abbey's mortgage director, said: Those delaying purchasing a home would benefit greatly from moving their deposits into high interest saving accounts like Abbey's eSaver Direct which now offers a market leading 6.5 per cent interest rate."

Online property conveyancers Convex.net recently suggested that first-time buyers are unlikely to be venturing onto the property ladder anytime soon.
ADNFCR-323-ID-18553202-ADNFCR

Related News : Mortgages

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Santander

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet