Brits can save for a mortgage deposit

By Jonathan Dawes, Mon 8 Aug 2011 - Published in Mortgages

Potential first-time buyers trying to save up for a deposit for a mortgage should make the most of their Individual Savings Account (Isa) allowance.

This is according to national campaign Priced Out, which claims that those looking to get on the property ladder should be putting aside money each month to afford a mortgage.

The organisation noted that with interest rates being so low, it is important people put away larger chunks of cash than in the past because interest payments will not significantly help them at the moment.

Matt Griffith, spokesman for Priced Out, said: "First-time buyers should make full use of their Isa allowance and there may be other investment options around."

"Moving back in with mum and dad can be a great way to save money from rent - but is not for everyone," he added.

The Countryside Alliance recently reported that local councils have failed to meet the provisional targets which were set for affordable housing on average by over 76 per cent in the last 12 months.

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