Two-thirds of FTBs hold down second jobs to raise deposit: Ipswich Building Society

25 August 2021

Almost two-thirds of first-time buyers hold down a second job to help them save for a deposit, according to a poll from Ipswich Building Society.

The mutual’s survey says 64% of FTBs turn to a second source of income while saving for a home, which it says plays against this group “being labelled as the ‘bank of mum and dad’ generation”.

Second job figures among this group jump to 85% in London. 

The survey said 32% of those saving for a home have started their own business, half of which are related to their main job.

Other common forms of second income include informal work such as taking on a bar job at weekends, 23%, or using skills from their day jobs to earn extra cash on the side, such as software developer designing websites for friends and family after work. This was popular among 22% of FTBs.

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Mortgage Strategy