It is very risky to use unsecured lending to get on to the housing market, first time buyers have been warned.
Peter Beckett, business development director at iammoving.com, explained that if first time buyers take out a personal loan to pay a deposit, they could be in trouble if they lose their job.
He said: "It's a very dangerous thing to do it on the back of unsecured debt unless you are extremely confident about your job security."
Mr Beckett's comments come after research by his company found that 30 per cent of first time buyers are using unsecured borrowing to help them get on the housing ladder.
According to Mr Beckett the downturn in the housing market is causing first time buyers to look for new ways to fund buying a house .
Last week, David Elms, chief executive of IFA Promotions, stated that the credit crunch will increase the number of people seeking financial advice when taking out a mortgage .
First time buyers warned over unsecured lending
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First time buyers warned over unsecured lending
Wed, 07 May 2008
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