FTBs urged to look after their finances

01-Oct-2008

First-time buyers (FTBs) are being advised to be aware of the current economic climate and how it could affect their personal finances.

Independent financial expert Alvin Hall says it is crucial that everyone, including those about to take the first step on to the property ladder, knows where every penny is going.

He warns that budgeting blindly or burying your head in the sand is a high risk strategy.

"When you're embarking on financial commitments like insurance and mortgages it's important to be aware of what's going on in the market and what other products are on offer," he explains.

Mr Hall made his comments in response to figures from Norwich Union, which reveal that nearly three-quarters of homeowners do not know what type of mortgage they have.

Furthermore, 67 per cent do not know what their monthly mortgage payment is and 78 per cent do not know the interest rate.

The Council of Mortgage Lenders said this week that there could be a shrinkage in the size of the mortgage market in the short term.

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