First time buyers have to save consistently to be a homeowner

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) June 17, 2006 -- A new research shows that first time buyers have to wait until Olympic gets over in July 2012 to become a home owner. According to Co-operative bank, first time buyers would not save enough to offer a mortgage deposit until July 2012. Such figures are calculated keeping in mind that those who wanted to buy their first property will save � 307.50 per month, and then it will cover nearly half of existing mortgage repayment for first time buyer.

London (first-mortgage-from-c4f) June 14, 2006: According to a new research the probable first time buyers have to wait until next Olympic which is likely to be commenced in July 2012. According to Co-operative Bank, average first time buyer in London will not be able to save enough for mortgage deposit until July.

Figures arshowthat even if first time buyers save � 307.50 every month, it will be a sum of half of the current average mortgage repayment. However, these probable home owners will have enough money with inflation in consideration for the average ten percent deposit of � 25,183 required in London by 2012.

David Newman, director of marketing at the Co-operative Bank said that the savings for the deposit should be like marathon running and not like a sprinter�s participation. Many British athletes would be showing skills and restraints for medals at that time, same commitment is required to be exhibited by would-be first time buyer by making worthwhile savings. It is estimated that first time buyer from the north-east may be able to arrange their deposit for the mortgage repayment early. First time buyers require � 9,675 on average which will engage savings up to November 2008.

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