FTBs 'being victimised by other homeowners' mistakes

09-Mar-2009

Britons looking to buy their first property are the victims of other homeowners' poor financial decisions, it has been suggested.

First-time buyer (FTB) Amy Ross, from Glasgow, told the Observer that after saving enough money to buy a home, her bank stopped taking on customers for the 95 per cent mortgage product she was planning to opt for.

"I had to cancel all my viewings and assess my options, which were nil," she said.

Ms Ross explained she would have been forced to look for a home to rent, or save an additional £20,000 for the same home, had she not got on to the property ladder via a shared equity scheme.

Her comments come after the National Association of Estate Agents claimed this month's 0.5 per cent interest rate cut by the Bank of England will make "no difference" to the UK economy.

Gary Smith, vice president at the property industry body, said policies to improve liquidity in the housing market are required, so mortgages offering "sensible rates with limited deposits" can be made available.

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.

NAEA criticises rate cutLiving with parents 'simplest solution for FTBs'Rate cuts 'have had impact on mortgage finance'

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