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First-time buyers cautioned against 'financial jeopardy'

19 July 2007
Britons who are risking their financial futures in order to get onto the property ladder should consider waiting before committing to a house purchase.

This is the view of Firstrung chief executive officer Paul Holmes, who warned potential housebuyers to carefully consider whether or not they can afford this move.

His advice is to only buy a home now "if you can afford it easily", provided the necessary research and checks were carried out.

However, if a person is "struggling and really pushing the envelope" in order to afford a house, then Mr Holmes believes they should avoid committing to a deal.

"I would advise these first-time buyers just to sit and wait and see what the next 12 months brings in house price correction," he said.

Those who cannot easily afford their first house now, "are so out priced they have to take incredible risks on their financial future just to own a home or get on the ladder", Mr Holmes concluded.

Firstrung is a mortgage introducer that specialises in first-time buyer mortgage solutions.

Find out more about first-time buyer mortgages

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