No penalty, just no bonus either (and no potential to make the money on the share price in 2 years time).

However, I have just started the current year's share save scheme (there is one every year) and I'm putting £30 a month in so I still have a saving going out.

The one just started will go on for another 3 years before maturing.

Personally I think it's a good idea to pay off the loan asap and get your own space. I would put somewhere to live above a holiday. Will the bank allow you to make extra payments with no penalty? Try and find out what it is - you could always put the money aside and make a lump payment or even shop about for another loan....

I would keep the work save thing going if there are tax advantages. Alternatively you could put the money from that into paying the loan faster. It will save you interest as well.

I would not move unless you really had to. If you have cleared your debt before you move then that will also increase your sum available to get a place of your own. You could use the month for the loan instead.

As for saving for the holiday, I would suggest that they get a budget and start putting the money aside now. Make an allowance for equipment hire and travel insurance. Broken bones can be very expensive to fly you home. So you definitely need travel insurance that covers winter sports.

Thanks for the tips.

The share save thing has no tax advantage.

All savings payments are made after tax.

As for the holiday, I think I'm going to give it a miss this year and get some money together to save for next year (i.e. 2012) after paying off my loan.

The loan allows for extra payments with no penalty but I have to make the payment manually (i.e. I can't set up a standing order to pay it).

That's great then EDIT I meant great no penalties, pain you can't set up SO but you probably sussed that anyway

Yes that is a major problem my bank have the same problem with standing orders to a loan.

It is done.

I've cancelled my sharesave thingy so a cheque is in the post.

Once I'm home I'll set up a standing order into my loan account!

Finally getting sorted!

Go go go!

Nice one!

Even better, just found out that I can set up a standing order straight into my loan

Ok, I'm looking at switching banks at the moment, and given the recommendations of a couple of people on here I was considering switching to Smile. What's puzzling me at the moment is why go with Smile rather than directly to the Co-operative, given that their specs seem identical and at least with the Co-op I can harass someone face-to-face?

Good question, not sure really.

I went with Smile as they were recommended by a friend.

I've had no troubles with them so far.

Right! Standing Order set up, just need to wait for the cheque in the post now

Yay, I feel better already

Thanks for all the help everyone!

First-time buyers are at half the level needed for a healthy housing market.

The number of people trying to purchase their first home has fallen sharply in the past year, a report suggests.

About 22% of potential buyers are looking to buy their first home in the next year, compared with 31% at the same point in 2009, property website Rightmove.co.uk said.

It warned the proportion of first-time buyers was half the level needed for a healthy housing market.

Mortgage availability and deposit sizes most concerned would-be buyers.

Director of Rightmove, Miles Shipside, said that the lack of new buyers was causing problems for existing homeowners looking to sell property.

"With the number of prospective buyers at the bottom of the chain being half of normal levels, the question sellers further up the chain will be asking is 'who will be at the bottom of my chain?" he said.

He said the market was now relying on previous owner-occupiers moving out of rented property and getting back on the property ladder, and on investors taking up some of the "first-time buyer slack".

More than half of first-time buyers said mortgage-related issues were among their biggest worries.

Fewer expressed concern about house price falls, with 73% saying they thought house prices would be unchanged or higher in a year's time and only 20% of first-time buyers thinking house prices were set to fall. This was up from 13% three months ago.

Separate figures from the National Housing Federation suggested that in some parts of England, the average 21-year-old would not be able to buy their home until their middle age if they were relying on just their income.

http://www.bbc.co.uk/news/business-11124873

...

Of course they have a vested interest, but I'd guess the figures reflect reality...

And people still think that we no longer have a property bubble?

The tough new mortgage conditions are what should have been in place for years. Banks should be banned from residential mortgages, as they have cheaper costs of funds and distort the market. Building Societies should be banned from the interbank market so that they cant shut out savers. That would give better rates to savers and mean that some semblance of balance could be restored to the housing market.