First Time Buyers miss out on £147 per month towards first home

First time buyers (FTBs) could save £1,799 a year to put towards a deposit by simply spring cleaning their finances according to Halifax, the UK's leading provider of mortgages to FTBs.

New research by Halifax shows that almost half (48%) of would-be FTBs aren't confident of being able to raise a deposit for their first home. Yet many are failing to take advantage of everyday savings which can make a big difference to their deposits. Halifax offers help to FTBs on how to shape up their spending habits to reach the first step onto the property ladder.

Cut back, cash in

By making a few simple lifestyle adjustments (such as cutting their alcohol consumption by two pints per week, giving up a latte on the way to work, swapping from bottled to tap water, cutting down on takeaways and cancelling gym membership), FTBs could save £147.37 per month. Furthermore, a smoker who quits a 20 per day habit could more than double this by saving an additional £1,930 over the year, bringing total savings to £3,698.44.

Switch, swap and save

Switching energy suppliers, swapping driving for cycling or walking, and taking advantage of the growing trend for online discount vouchers could see FTBs shave even more pounds from their outgoings to help boost their deposit savings.

Jaedon Green, head of mortgage development at Halifax said: "Our research shows that spring cleaning your finances can potentially save first time buyers thousands each year. 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."