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Savings useful when trying to find a mortgage, says expert

Thu, 20 Apr 2006

People who are planning to find a mortgage in the future are being encouraged to start saving money as soon as possible.

According to Christopher Dean of the Council of Mortgage Lenders, it is important to start learning about financial responsibility and saving money from an early age, particularly when it comes to housing.

He warns that if people fail to get into the savings habit when they are young, they may be disappointed when the time comes for them to find a mortgage .

Mr Dean says that many potential first-time buyers trying to find a mortgage to buy their first home may find that it is "a struggle" to afford a deposit .

" Property is very expensive so having a decent level of savings is very helpful," he says.

Therefore, people are being encouraged to start saving money from an early age in order to get a financial push onto the property ladder .

"Most people encourage saving from a young age," Mr Dean continues, adding that this is "very important if you want to buy a property".

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