First time buyers urged to seek mortgage advice

21-Feb-2006

It has been claimed that too many first time buyers are taking out mortgages that are inappropriate for them because they are failing to take proper advice.

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

According to research carried out by IFA Promotion, fewer than one in five first time buyers get advice from an independent financial advisor (IFA) before taking out a mortgage, suggesting that many people are buying without the full facts.

Despite this figure, seven in ten aspiring homeowners polled said that they considered independent mortgage advice to be an important part of the house-buying process.

To find out more about creative mortgages designed specifically for first time buyers click here

Karen Barrett, from IFA Promotion, suggested that the reason for this discrepancy is that many aspiring first time buyers concentrate more on securing their first property rather than on the intricacies of how they will pay for it.

Speaking to MyFinances.co.uk, she commented: "But arguably it is the first time buyer who needs the benefit of independent financial advice most, so we urge first timers to make their mortgage choice a priority and ensure they visit an IFA for advice."

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

For our first time buyers guide to buying a property click here

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar