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First time buyers still falling short

First time buyers will face a potential shortfall of over 5,000 each, despite planning to spend two years saving for their deposit, according to Alliance & Leicester.

The A&L mortgages study found FTBs want to save a deposit of 11,710, about eight per cent of the average first time buyer house price.

However, when it comes to saving, they are looking to put away 270 a month for two years, which with interest gives them over 6,570. This leaves them with a 5,140 shortfall.

A&L head of mortgages Richard Taylor says: There is a clear mismatch between how much, and for how long first time buyers are willing to save, and their ideal target deposit to buy their first property.

With the average first time buyer house priced at just over 135,000, the deposit of over 11,000 that first time buyers want equates to about eight per cent, which would give them a sizeable slice of equity in their first home.


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40% Have false CI expectations

Nearly 40 per cent of consumers expect to get a payout for conditions that are not covered by their critical-illness policy. Research from Scottish Equitable Protect shows that only 60 per cent of consumers understand that providers would refuse to pay a CI claim for illnesses not covered under the policy terms. The research also […]

Torquing points

The events of last week serve to demonstrate just how fragile this market is likely to remain.

ABI launches new PMI best practice guide

The ABI has published a new statement of best practice for the selling of Private Medical Insurance aimed at providing consumers with clearer information about the product.Director of life and pensions Chris Kenny says the statement comes after a wide consultation with trade associations, consumer groups and medical charities.He says further work is also underway […]


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