A new study by Halifax has found that many first-time buyers could save nearly £150 a month by addressing their finances.
People trying to get on the property ladder could help their chances by making some small adjustments to their finances, according to new research from Halifax.
Recent problems in the housing market have been well-documented, with house prices dropping, mortgages hard to come by and people wary of making large purchases with threats of redundancy looming. In particular, many mortgage lenders are looking for large deposits from consumers and Halifax's research found that 48 percent of first-time buyers feel unable to raise the required funds.
However, potential homeowners could put money towards this by looking at their outgoings. Halifax claimed that £1,799 could be saved each year - amounting to £147 a month - by taking steps such as cancelling a gym membership or cutting down on takeaways.
This saving would be more than doubled if smokers give up a 20-a-day habit, Halifax added, with savings of £160.83 a month or £1,930 a year possible.
"Our research shows that spring cleaning your finances can potentially save first-time buyers thousands each year," said Halifax head of mortgage development Jaedon Green. "By identifying a few simple changes to their everyday routine and saving regularly, first-time buyers can make a big boost to their deposit pot."
