Savvy first-time buyers 'could benefit' from credit crunch

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www.moneynews.co.uk > Housing market > Savvy first-time buyers 'could benefit' from credit crunch

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Savvy first-time buyers 'could benefit' from credit crunch

By taking advantage of good savings rates and waiting for house prices to fall, first-time buyers could actually benefit from the credit crunch, according to a spokesperson for Moneyfacts.co.uk.

Andrew Hagger noted that savings rates are currently at a seven-year high, with rates of over 6.5 per cent gross "easily attainable", which gives those putting money away for a deposit a boost.

In addition, he said that although property prices have trebled over the past decade, they could fall by 15 per cent in the 18 months.

"With the current levels of uncertainty and volatility surrounding the mortgage industry and the housing market, maybe it's worth sitting on the sidelines and saving that 10 per cent deposit until the stormy clouds blow over," he suggested.

One thing that may still affect first-time buyers however is the lack of mortgage products available on the market - according to MoneyExpert.com's research, one in five fixed and variable mortgages now come with a maximum loan-to-value of 75 per cent or less.
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