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Bolster your cheap mortgage by selling duplicate goods

Date: Thu, 24 Nov 2005

Getting a cheap mortgage deal may be one way of getting on the property ladder but selling off unwanted goods may help first-time buyers climb even higher.

Research by Co-operative Bank suggests that first-time buyers are hoarding around £377 million in spare goods – with the average couple being able to add around £1,000 to their buying deposit by selling duplicate or unwanted possessions.

"As the average age of first time buyers has risen to 34 it’s no surprise that purchasers have amassed, quite literally, a wealth of household items, which can often double when buying a first home together," said David Newman, director of marketing management at The Co-operative Bank.

"Savvy first time buyers can free up much-needed cash by selling these possessions to help fund their property purchase," he added.

The survey shows that some couples often have more than one of essential items as kettles but the growing trend of home gadgets means that 13 per cent of first-time buyers have three or more DVD or video players, and 14 per cent have three or more home computers.

For many using the popular online auction site eBay to offload the goods could prove more beneficial than simply storing them in the attic of their new home.


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