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First time buyers search for new mortgages

20/03/2008

Mortgage borrowers will need to take account of today’s economy, this including the stock market turmoil and a Budget for stepping on to the property ladder. Today there are many first-time buyers thinking of entering the housing sector, John Charcol explains further.

Katie Tucker technical manager at Charcol, explained her side of the story.

"It is important that existing borrowers who are due a remortgage do not panic, but instead take a whole-of-market broker's advice on what is now available to them and absolutely prioritise monthly affordability of any new deal."

She also added that consumers may want to wait until May period before mortgage rates become reduced, since inflation is being placed down to create growth in the UK economy.

Looking at recent figures, the Council of Mortgage Lenders CML have stated that first-time buyers who were previously tempted to seleect fixed-rate mortgages have changed their choice to a tracker product, this simply because of the Bank of England deciding to cut interest rates throughout 2008 period.

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