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75 per cent of first time buyers have outstanding debts while saving for deposits

Research from Alliance and Leicester has revealed that 75 per cent of first time buyers hoping to buy a property in the next two years are almost 6,000 in debt.

The average debt of first time buyers is 5,860 despite the fact that 70 per cent of potential buyers claim to be actively saving for a deposit according to the research.

Alliance and Leicester director of mortgages Stephen Leonard says: “Our research reveals that while many first time buyers are diligently saving for their deposit, some are not being as financially frugal as they could be.”

“Whilst buying a house can seem like a top priority , those looking to buy for the first time will find it worthwhile to pay off their outstanding debts first.”

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