12
May
Most first-time buyers 'safe' from repossession surge
The increase in instances of repossession is unlikely to affect
first-time buyers, the operations director of Firstrung has
said.
Instead, Paul Holmes suggested that families who have moved up the
property ladder to a bigger home were the most likely to face
affordability difficulties.
"Over the last two years the average first-time buyer mortgage has
been £115,000 [and] the average first-time buyer buys as a two
party couple.
"A £115,000 mortgage shared between two recent first-time
buyers both in work is very manageable," he explained.
Mr Holmes' comments follow recent data from the Ministry of Justice
which revealed that the number of mortgage possession claims in the
UK rose by 16 per cent in the first quarter of 2008.
Meanwhile, the number of claims was also seven per cent higher than
in the final three months of 2007, at 38,688.
