Invest Your Deposit And Wait
April 21st, 2008 by Len
That’s the advice according to research from Abbey Mortgages last week. According to the bank, first time buyers are putting off buying their house and getting a mortgage because of the current crisis and many have said they will put it off for at least twelve months.
Apparently, 67 percent of first time buyers said they would wait for twelve months or more. Collectively, the 1.1 million first time buyers have around £31 million saved up for deposits.
By investing that money wisely for the next twelve months, Abbey Mortgages believe they could add an extra £2 million to that pot. With house prices growing at only an estimated 1.1 percent and the top savings products paying over 6 percent in interest, they could make more money by leaving their deposit in the bank.
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