Most buyers £6,000 in debt before home purchase

Home deposit savers are neglecting their debts before making their first home purchase, according to an Alliance & Leicester report.

On average, the first-time home buyer has a little under £6,000 in debt when making their home purchase.

Stephen Leonard, director of mortgages at Alliance & Leicester, said first-time buyers should tighten their belts more before the big purchase.

He said: “Whilst buying a house can seem like a top priority, those looking to buy for the first time will find it worthwhile to pay off their outstanding debts first.”

The figures show that nearly 75 per cent of first-time buyers are in debt and follows a report by research firm Datamonitor that claims UK debt doubles the rest of Europe.

© Adfero Ltd

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