FTBs told to 'sit it out'
03 July 2008
The best action for first-time buyers (FTBs) to take might be no action at all, in light of recent comments from Firstrung.
Paul Holmes, director of operations at the provider of services to FTBs, explains that many Britons looking to purchase their first home could find the mortgage quotes available to them price them out of the market.
But by waiting for the mortgage sector to emerge from the credit crunch, he suggests that access to lending may ease for many consumers.
Mortgage quote and advice
In the meantime, Britons are told to save any spare funds they may have available in order to put towards their mortgage when they do find one.
"Save up your deposit and be very careful that you don't waste that deposit on peripherals," urges Mr Holmes.
He adds that "lending will revert to some kind of normality" following the "post-shock trauma" of the credit crunch.
This does not necessarily mean mortgage quotes in line with those witnessed at the 2007 peak of the market, Mr Holmes stresses.
Instead, he ventures that something more comparable with the mortgage sector's performance over the past two decades might be likely to emerge.
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Feature: The First-time buyer's plight
