First time buyers should not be hit by a large number of repossessions, one expert has predicted.
Paul Holmes, operations director of Firstrung, explained that while first time buyers might have to make some sacrifices, it is unlikely that many will lose their homes as their mortgages are relatively small.
Mr Holmes said: "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."
However, those who have a mortgage of more than £250,000 might struggle if their payments increase dramatically, he added.
Mr Holmes' comments come after figures released by the Ministry of Justice revealed that the number of mortgage possession claims increased by 16 per cent in first quarter of 2008 when compared to the previous three months.
First time buyers 'least vulnerable to repossession threat'
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First time buyers 'least vulnerable to repossession threat'
Tue, 13 May 2008
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