FTBs least likely to be repossessed, says Firstrung
12 May 2008
First-time buyers (FTBs) are the buyer group least likely to have their homes repossessed, according to Firstrung.
In news that may interest those looking to compare popular mortgages, Paul Holmes, operations director at the property solutions delivery firm, explains that over the past 24 months the average FTB mortgage has been £115,000.
He also explains that the average FTB buys a property as a two-party couple.
"A £115,000 mortgage shared between two recent FTBs both in work is very manageable," Mr Holmes asserts.
"FTBs are the least likely group to be repossessed full stop, because it is their home they have recently bought it and they can generally afford it," he concludes.
According the latest figures from the Ministry of Justice, the number of mortgage possession claims rose by a total of 16 per cent in the first quarter of 2008, with 38,688 assertions being made in comparison to 33,344 in the same period during 2007.
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