FTB told to 'save and sit out' housing market
first-time buyers (FTBs) have been advised by a leading mortgage advisor to "save and sit it out" until the mortgage market comes out of its current crisis.
Firstrung, the mortgage advisor, has recommended that first-time buyers continue saving towards a deposit until the property market begins to correct itself.
Nationwide, the UK's largest building society, recently put up its mortgage rates by a further 0.5 per cent while Cheltenham & Gloucester also put its rates up by 0.3 per cent.
Paul Holmes, operations director of Firstrung, believes that the market will return to normality some time soon.
He commented: "While you are priced out and there is no mortgage product available for you, save up your deposit. Just simply put it away and be confident that as prices are falling there will be a time when you can put that deposit to incredibly good use."
According to figures from the Council of Mortgage Lenders, the average first-time buyer put down a deposit of 13 per cent in April - the highest proportion in over three years.
Published 3rd July, 2008
© 2008 Estates IT Limited
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First-time buyers (FTBs) have been advised by a leading mortgage advisor to "save and sit it out" until the mortgage market comes out of its current crisis.