Friday 20th July 2007
Younger homebuyers should think about what they will be afford both in the short and long term when choosing a mortgage, warned Mortgage Financial today.
First-time buyers in particular should carefully consider a range of factors, from their wages, whether or not they plan to have a family and the possibility of further interest rate rises when choosing a mortgage, to ensure they will be able be afford their repayments.
Paul Davies, spokesperson for Mortgage Financial, told researchers that the type of mortgage a buyer needs "depends what profession they are in, do they have a deposit, what their income is".
Rises in personal debt and interest rates and the increased numbers of sub-prime and 100 per cent LTV mortgages being given has meant repossessions are predicted to hit 38,900 by 2009, double the figure for 2006.
Mr Davies warned homebuyers looking for a mortgage to "make sure it is affordable now and in the future, especially with the way interest rates have been going up over the last 18 months or so."
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Mortgages
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