Savings account management 'key for property buyers'

Tuesday 31 August 2010

Article by Mozo

First-time home buyers must ensure they keep a close eye on their savings accounts and other household finances, it has been suggested.

Fiona Herbert, an accredited mortgage consultant with Leap Frog Loansprocess, urged people to avoid overdrawing on savings accounts, noting that banks are less likely to offer home loans where bills and everyday finances are not under control.

"I recommend people ensure their account conduct is 'clean' 'for at least three months prior to lending, and preferably six months, as lenders can and do ask for savings statements for this period for first-time buyers," she told

Such comments may encourage prospective home buyers to compare savings accounts in search of the best providers. According to Ms Herbert, few property investors take into account the full extent of "what it's going to cost to hold a property".

Meanwhile, a recent survey by ING Direct found that two-thirds of men consider frugal women to be sexy and intelligent while women are twice as likely to be upset by a partner who spends too little on them.

This article is brought to you by Mozo – Helping you compare savings accountsADNFCR-1761-ID-800045371-ADNFCR

Compare today's top savings accounts

Back to top