13 Jul

First-time buyers advised: don't rush into things

First-time buyers advised: don't rush into things

Any first-time buyers looking to step on to the first rung of the property ladder have been offered some advice by one firm.

FirstRungNow.com has encouraged people to spend some time hunting around for the best mortgage they can find.

They should also not be scared of going for a fixed-rate deal as they can have their advantages, especially with so much uncertainty in the financial markets at the moment.

Helen Adams, managing director of FirstRungNow.com, urged potential new home owners not to rush into anything.

"Think carefully about whether this is the right time for you – you'd have to get a good property bargain and a reasonable mortgage for this to be a good time to step on to the property ladder," she said.

At the end of June, Moneyfacts.co.uk reported that the average two-year fixed-rate mortgage deal increased to 5.08 per cent, while five-year fixed-rate mortgages increased to 0.18 per cent.

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