You are here: Home - Uncategorized -

First-timers work extra hours to get on the ladder

Written by:

Thousands of first-time buyers are taking an extra job or working overtime to get on to the property ladder, Bradford & Bingley’s third annual First Time Buyer Report has found.

The research found that one in 10 of those looking to buy their first property took a second job, working just under 12 hours extra per week. Of those working overtime, 23% are doing an average of 9.5 hours in overtime per week.

Many first-time buyers were lucky enough to receive help to buy from their families, with 42% getting some kind of assistance from their parents. Gifting a deposit to their children was top choice, with 50% of parents having gone for this option while 15% acted as guarantor. Parents who bought jointly with their children made up 10% of those surveyed.

Duncan Pownall, mortgage development manager at Bradford & Bingley, said: “The message we are getting from our report’s findings is that many first-timers are prepared to compromise, work hard to save for a deposit and look to their families for extra help if needs be.

“Most first-time buyers have to strike a balance between how much they want that expensive holiday or new car and how soon they want to have the keys to their own property.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
House price growth slows in April

Nationwide’s latest house price report found annual house price growth fell back below 5% during April, with inflation slowing to...