FirstRungNow.com highlights plight of first-time buyers
www.moneynews.co.uk > Mortgages > FirstRungNow.com highlights plight of first-time buyers
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FirstRungNow.com highlights plight of first-time buyers
Wed 2nd Mar 2011
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Helen Adams, managing director of the firm, explained that the drop in house prices in recent times has not led to a much easier application process for such consumers.
She noted that the lower value of homes means the ration of house price to take-home income has improved, but first-time buyers are not finding it simpler to secure an arrangement.
Ms Adams predicted such applicants could become more cautious about signing up for a mortgage if the base rate rises.
"Obviously when a first-time buyer takes out a mortgage, they need to be aware that an interest rate rise can increase their mortgage payments every month," added the expert.
According to research by Halifax, the overall affordability of housing has improved since 2007, which has led to increased choice for buyers over which type of property they want to live in.
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