First time buyers should not rush on to the property ladder, one expert warns.
Peter Becket, business development director for iammoving.com, explained that first time buyers who overstretch themselves could face problems in future.
He said: "If you rush into something now, you could find yourself in a negative equity position, having borrowed in order to be able to afford to secure the property in the first place."
First time buyers should instead sit back and wait to see what the market does before they commit their funds, he added.
Mr Beckett also advised that first time buyers should fund their first property using savings, an inheritance or a loan from a family member.
Recent research by iammoving.com found that one third of first time buyers are using personal loans and credit cards to help to raise a deposit .
The company described this as a risky practice that people should avoid.
First time buyers warned not to rush
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First time buyers warned not to rush
Tue, 06 May 2008
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