View more on these topics

First-time buyers need more savings

The rising cost of living is making it difficult for first-time buyers to save for a deposit.

A report by Sainsbury’s Finance has revealed that 16% of first-time buyers aged 25 to 34 are saving less than last year, making it impossible to save for a deposit.

Only 9% admitted to saving more, while 36% had saved nothing at all.

Neil Cameron, savings manager at Sainsbury’s Finance, says: “First-time buyers need to have a larger deposit than they did a year ago, so those looking to get on the property ladder need to be saving more, not less.”

He adds: “Despite this, our research suggests that more people in the firt-time buyer age group are now saving less.”

Recommended

Bank of England’s £50bn liquidity initiative leaves building societies and specialist lenders out in the cold

The Bank of England has launched its scheme to allow banks to swap temporarily their mortgage-backed and other securities for UK Treasury Bills, though the size of the package, estimated to stand at £50bn has not been confirmed, and it is not clear how the package will help the bulk of the UK building societies and specialist lenders have been left out in the cold.

AMPD revamps payment system

The Alliance of Mortgage Packagers and Distributors has revamped its reporting and payment structure to guarantee members’ proc fees. AMPD members have committed to a set of payment standards that mean proc fees should be paid within 10 days.

Homebank to grow sales force

Homebank Financial Services is expanding its sales team following a rise in its number of enquiries. The broker says it is reaping the benefits of investing heavily in automating its administration and processing systems.

Newsletter

News and expert analysis straight to your inbox

Sign up