First-time buyer mortgage advice 'vital'

30-Jan-2009

It is vital that newcomers to the property market seek first-time buyer mortgage advice, an industry expert has said.

According to Catherine Hearnden, director of independent financial advice firm MyMortgageDirect, people looking to buy their first property must consult a broker to compare the best deals on the market.

She added that it is "absolutely vital" to seek mortgage advice so that key terminology in the process can be explained to them.

Ms Hearnden argued that buyers can compare deals on the market via the internet and newspapers, but noted that they will not be able to garner enough information solely from a table or chart.

"It is absolutely important. I fail to see how a first-time buyer can go and sort themselves out a mortgage if they have never bought before," she said.

Her comments come after Halifax reported this week that many first-time buyers cannot correctly define mortgage terms like KFI (Key Facts Illustration).

Furthermore, 19 per cent of respondents to the bank's survey were unable to explain what a "completion date" constitutes.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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