First time home buyer news: First time buyers urged to 'get tough' with lenders

28-Jun-2006

First time buyers are being urged to refuse unnecessarily expensive mortgage products, according to reports.

When seeking loan advice, first time homebuyers should stay confident and shop around rather than taking the first option put to them.

In addition, if one lender cannot meet demands, then a rival should be sought, price comparison website moneysupermarket.com advises.

Louise Cuming, head of mortgages at moneysupermarket.com, told the Mail on Sunday: "When buying your first home you are normally so worried about being turned down for a mortgage that you just accept the first offer your bank puts to you.

"However, new buyers are in a strong position because they are still thin on the ground and lenders want to attract them."

In a related statement, financial advice site Moneyfacts.com has also warned first time buyers that the mortgage market has become increasingly competitive, making it easier to secure a mortgage which meets individual needs.

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