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First-time buyers 'should shop around for mortgages'
Posted by Mark Cunningham
Prospective first-time buyers searching for a competitive deal on a residential property and mortgage need to make sure they shop around.
That is according to Ben Wilkie, editor of What Mortgage, who feels it is essential for Britons to "shop around" in order to make sure they get access to the best possible deal for them in the aftermath of the global economic downturn.
Research published by Santander last week (May 20th) revealed that the average first-time buyer puts down a deposit of 17 per cent on a home, a figure it takes them some 29 months to save up.
However, Mr Wilkie noted there are a number of options open to purchasers as to how they make a down-payment, including initiatives "where you don't have to pay much more than five per cent" and shared ownership deals.
"There are also government schemes where you can get loans that are there to help you buy your first home," he added.
23/05/2011 14:52
News category: Property