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Loan protection: First-time buyers have been 'tightening their belts'

People who have previously bought loan protection may be interested to hear that first-time buyers have been "actively saving".

Andy Pratt, chief operating officer at Alexander Hall, a company that offers independent mortgage advice, claims that first-time buyers have been saving up for a deposit by making cut backs.

He said: "The instruction to them has been to go away and save up a deposit.

"They have been actively doing that - tightening their belts and saving a little bit more, or seeking assistance from mum and dad in some instances as well, but primarily trying to save it up themselves."

Mr Pratt added that the slight drop-off in house prices has made it a little more affordable for first-time buyers to get onto the property ladder.

His comments follow research by Safe Home Income Plans, which revealed that first-time buyers now have to pay seven times more than what their parents did to buy their first house.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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