First-time buyers told to wait
www.moneynews.co.uk > Mortgages > First-time buyers told to wait
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Money News |
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First-time buyers told to wait
Fri 21st Aug 2009
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Richard Mason, managing director of the comparison site, has noted that although first-time buyers may be able to afford a mortgage right now, when interest rates start to rise they could struggle.
Because of this he recommends waiting until house prices fall even further, as it will allow buyers to put the extra money aside so they can afford their repayments when rates start to go up.
"My concern is that first-time buyers are so desperate to get on the property ladder that they are putting all their savings into a deposit," he said.
Mr Mason also commented that he thought the housing market had "turned a corner" but that there is a long way to go before lending goes back to normal.
Katy John, of the affordable home campaigner PricedOut.co.uk, recently stated that a boom in house prices would be bad news for first-time buyers but that currently she expected further falls.
Click here for more mortgage news
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