First-time buyers advised on property purchasing

Posted: 13 Jul 2009 09:00:00 GMT

First-time buyers need to consider whether now is the right time for them to purchase property, it has been suggested.

According to Helen Adams, managing director of FirstRungNow.com, a property advice portal for those searching for their first home, buyers can benefit from using a broker to find a good mortgage deal.

On the subject of home loans, the property expert indicated that there are a number of issues that house hunters should bear in mind.

She said: "Don't necessarily tie yourself into something that's got quite a high interest rate - fixed-rate deals can have their advantages but we don't really know what's going to happen at the moment, so I wouldn't personally tie myself into a fixed-rate deal."

Consumers can currently choose from a variety of deals on the current market.

For instance, Lloyds TSB is offering five-year fixed-rate mortgages with an initial rate of up to 7.89 per cent for borrowing between £5,000 and £500,000 at up to 90 per cent loan-to-value.

Meanwhile, Abbey is providing a five-year fixed-rate home loan at 6.89 per cent for a 90 per cent loan - up to £250,000.


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