First-time buyers 'can use credit crunch'

30-Apr-2008

First-time buyers may be able to glean some benefit from the global credit crunch, it has been claimed.

Currently, first-time buyers are required to produce a substantial deposit if they wish to secure a mortgage, as a result of the uncertainty in the market.

However, Moneyfacts has pointed out that it may be beneficial for potential buyers to save the cash and wait until they can use it to purchase an even better property a little further down the line.

Andrew Hagger, of Moneyfacts, commented: "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 ten per cent deposit until the stormy clouds blow over."

He added that buyers could benefit from a "double whammy" of high savings and the falling cost of a home, if they were prepared to wait for a change in property prices over the next 18 months.

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