FTBs urged to take advantage of record-low mortgage repayment schedules

16-Feb-2010

Would-be first-time buyers (FTBs) searching for their first mortgage have been advised to take advantage of the current record-low interest rate.

Seeking independent mortgage advice may be the best course of action for those unsure on how to reach the first rung of the property ladder, according to Mike Garner, writing for Subprime Blogger.

Locking in to a fixed-rate mortgage now - with a base rate of just 0.5 per cent and fixed deals being offered by many providers at a low level - could be a shrewd move.

Discussing the low mortgage repayment rates currently on offer, Mr Garner states: "No one knows how much longer it will last, but do not let this opportunity pass you by."

However, for many FTBs, the problem remains securing a significant deposit, with the best mortgage deals sometimes available only to those ready to offer a large portion of a home's value upfront.

FTBs who manage to secure a home were last week warned by James Carter of Independent James not to view their property as an investment but as a home, as there is no guarantee its value will rise or that a move will soon be on the cards.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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