First-time buyers not taking home loan advice

02-Mar-2006

First-time buyers not taking home loan advice

First-time buyers in the UK are not seeking valuable information before taking out secured home loans, according to latest research.

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Figures from IFA Promotion reveal that people looking to get onto the first rung of the property ladder are so excited about taking a home loan that they miss out vital information.

Karen Barret, marketing director for IFA Promotion, said that the problem was more prolific in aspiring first-time buyers in their 20s.

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"First-time buyers are excited about the thought of owning their own place and tend to focus on this. They want to be in the property and they are not really concerned about the home loan," she said.

Ms Barret went on to comment that first-time buyers should bear in mind that a home loan is a long-term transaction and there are many factors to consider.

By researching different deals on offer and the terms and conditions involved, first-time buyers can avoid a loan that is going to cost them in the future.

This news comes after the announcement earlier this week that a growing number of people are now choosing to invest in property due to the increase in rental yields.

For advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley, click here

To find out what you can borrow, even if you are in an adverse credit situation click here

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