Future homebuyers 'should get into regular savings habit'

People looking to eventually purchase their first home may be better prepared for the commitments of paying off a mortgage if they set up a savings plan earlier on in life, it has been claimed.

Britannia has recently publicised its HomeSaver account, which is designed to get people used to making payments by saving money in the plans, with investors building up a fund which can then be used to pay for the deposit on their first home.

Tim Franklin, managing director of member business at Britannia, said; "First time buyers who are already in a regular savings habit will find it easier when they have the commitment of paying mortgage subscriptions each month."

Earlier this year, child trust fund (CTF) provider The Children's Mutual suggested that by making regular contributions to CTFs, parents could help a child save enough money to pay for a deposit and avoid "financial headaches" when their children grow up and look to buy their first home.