Repossessions offer key opportunity for aspiring homeowners

27-Apr-2005

Repossessed properties can provide aspiring first time buyers with a unique opportunity to own their own home.

Click here to ask about the legal costs of house-buying or to ask a legal question specific to your own situation

As property prices show little sign of dropping dramatically, many aspiring homeowners are finding it difficult to get a foot on the property ladder, but repossessed properties are becoming an increasingly popular way for first time buyers to grab a bargain.

However, one of the main problems for cheap housing is that it can be very difficult to find homes that have been repossessed because mortgage buyers have stopped revealing if the properties that they are selling have been repossessed.

Many banks and building societies want to present friendly, family-oriented images, and announcing to the public that they have repossessed homes can damage that view, thereby making it more difficult for aspiring first time buyers to find out about them.

To deal with this problem, first time buyers are being encouraged to enquire at their local mortgage lenders to find out what repossessed properties may be available, because while the information may not always be readily advertised, those that ask are often welcomed by lenders keen to start making some money out of the property.

Click here to see what properties are on the market in your area - whether you buy alone or with others.

In a slowing market, lenders are becoming increasingly willing to sell of their repossessed properties and first time buyers are being urged to take advantage of the situation and find out more about what is on offer.

Click here for our first time buyers guide

Click here to ask about the legal costs of house-buying or to ask a legal question specific to your own situation

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