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Embark on property market 'with savings in place'

Those looking to get onto the first rung of the property ladder are best placed to do so if they have savings behind them, according to financial advisers Key Financial Consultants. Dominic Mansley, managing director of the firm, said that it was best for first-time buyers to have savings to rely on, rather than using 100 per cent plus mortgages, credit cards and loans to cover the costs associated with buying a house.He added that legal fees, deposits and stamp duty can add up to far more than many first time buyers expect, so having savings to cope with these costs was advisable, and he urged people to start saving as early on as they could.Mr Mansley went on to say that 100 per cent plus mortgages were becoming increasingly popular as affordability went down, but said that that kind of mortgage was probably best left to those with "expected career progression which will result in a higher income at later stages in their life", who would be able to afford repayments in the long-term.

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