First-time buyers 'cut deposit savings'

By Staff Writer

From Earth.co.uk

Research by Sainsbury''s Bank revealed that over 15 per cent of people
between 25 and 34 are saving less than they were 12 months ago, with
many stating that the cost of living was to blame.

It was also found that 36 per cent of people within the age group are
now not saving anything at all.

Neil Cameron, the savings manager at Sainsbury''s Finance, said: "First-
time buyers need to have a larger deposit that they did a year ago - in
some cases as much as 25 per cent as many mortgage lenders continue to
restrict their deals."

He added that because of this, people looking to get a mortgage should be
saving more rather than less.

Speaking to the Coventry Telegraph, Loveitts'' mortgage and protection
adviser Chris Neal recently stated that good mortgage deals were available
for those who have saved for a deposit.

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