Nearly 4 years to save first home deposit - NS&I

Instead of two years nine months, it now takes three years nine months to save up the pennies, while in some places the rise in house prices has tacked on nearly a year and a half to the time required to save up a deposit. One effect of this is a marked shift towards 100% or self-certified mortgages, which are much more expensive in the long term, NS&I quotes Hometrack analyst John Wriglesworth. ”Some first time buyers are even taking out unsecured loans in order to afford a deposit,” he says. Driving the ever-longer time taken to save for a deposit is the slower rate of increases ...