Extreme measures 'not necessary' for buyers

20-Nov-2007

New research from Abbey has revealed the lengths that some new buyers are prepared to go to as they look to buy a home, but the lender has advised that many such efforts are unnecessary.

With one in three looking to take on a second job and one in six even considering a third, according to the study, first time buyers appear to be stretching themselves more than ever before.

Other extreme measures considered by many include the sale of items of sentimental value, something that one in five new buyers say they would consider in their effort to get the best first mortgage.

Less drastic measures are also growing in popularity, the research suggests, with a quarter of buyers thinking of relocation to an area which offers a better opportunity to purchase affordable housing.

"Although it can be more difficult these days to become established on the property ladder than it has been for previous generations, there are still a number of options for first time buyers that don’t require taking such drastic measures," head of Abbey Mortgages Nici Audhlam-Gardiner proposed.

"Abbey is fully aware of the difficulties first time buyers have in getting onto the property ladder, and is committed to developing new mortgages to give these customers the help they need.

"We have a range of mortgage deals designed specifically with first time buyers in mind, including no deposit mortgages. We also have products which help with the upfront costs such as free valuations and a £250 contribution towards legal fees," Ms Audhlam-Gardiner outlined.

First time buyers could also benefit from developers looking to improve year-end results in the coming months, SmartNewHomes.com has recently advised.

Christmas rush not putting off new buyersStill better to buy than rent

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