Budget beans for first-time buyers, says Lloyds TSB

23 March 2005
Britain's first-time buyers are so dedicated that they are willing to take on second jobs and eat own-brand, value food, according to Lloyds TSB.

Research by the bank found that more than a quarter of those preparing to buy their first home take on extra jobs in addition to their full-time employment.

Even more than these - 28 per cent of those questioned, and 32 per cent of female first-time buyers - were willing to swap to budget brands in order to save the pennies.

"So much time, thought and planning goes into saving money that many first time buyers are left with little time or energy to look into what actually happens when they've saved their deposit," commented Louis Williams, head of Lloyds TSB Homebuilders.

"If their first move is to be smooth and as problem-free as possible, it is essential that they get the right guidance and advice."

However, first-time buyers aren't willing to sacrifice their independence - only one in ten said they were prepared to save money by moving back home with their parents, and 12 per cent admitted they were happy to rent in an undesirable area to cut costs.

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