News

13/09/2011 15:20:27

First time buyers must commit to savings

People need to commit to putting money away into a savings account in order to get a good mortgage deal.

That is the advice being issued by Katy John, press officer at PricedOut.org.uk, who has said that first-time buyers need greater access to credit.

She said: "We would encourage first-time buyers to save as much as possible to enable them to get the best possible deal when buying their first home."

Ms John did admit that ensuring people take care of their personal finances and savings is only part of the solution and she called on the government to intervene to make it easier for first time buyers to get on the housing ladder.

An increase in available housing would help to improve the problem, she said, as would the planning reforms that are currently taking place to release more land for building on.

Her comments follow a report from the Council of Mortgage Lenders which revealed that the number of loan approvals for first time buyers had fallen by two per cent.