First time buyers who delay their decision to purchase a property could find market conditions shift in their favour, according to one expert.
Moneyfacts.co.uk claims that not only will first time buyers need to take out a smaller mortgage because of falling property prices, they can also benefit by investing their deposit until the bottom of the market is reached.
Alan Harper, head of mortgages at the website, said: " Lenders are pricing for risk, so the smaller proportion of your property value for which you have to borrow, the lower the risk to the lender and the better the mortgage deal available."
However, first time buyers will be taking a gamble if they wait and market conditions could mean mortgage rates are at a much higher level this time next year, he warned.
The trick is getting the timing right and if first time buyers do this then they could make a big saving, Mr Harper stated.
Yesterday, Coventry Building Society announced that it is cutting its Privilege mortgage rate - which is available to members of five years or longer - to 6.5 per cent.
The mortgage lenders standard variable rate has been reduced to 6.84 per cent.
First time buyers might want to delay purchase, expert states
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First time buyers might want to delay purchase, expert states
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