Press Release Summary = First-time homebuyers are being put under increasing financial strain, according to a new report.
Press Release Body = A \'regulated mortgage survey\' from the Council of Mortgage Lenders (CML) found the proportion of first-time buyers\' incomes being spent on mortgage interest payments has increased by 0.3 per cent in the last month alone and by two per cent in the last year.
The group spent 18.3 per cent of their incomes on mortgage interest payments in March, up from 18 per cent in February and 16 per cent in March 2006.
With an interest rate hike expected later this week, the situation is likely to get even worse for those on the first rung of the property ladder.
Meanwhile, CML data shows that economic conditions are putting off many first-time buyers from entering the market.
\"Affordability constraints continue to be a barrier to home-ownership for many first-time buyers,\" CML\'s director general, Michael Coogan, confirmed.
Those who have bought their first home but are now struggling to afford mortgage interest payments could consider the sell-and-rent-back scheme offered by National Homebuyers.
We made contact with Julian King, Director of National Homebuyers which is the UK\'s leading consumer-facing property purchasing company who advised: \"We are experincing a worrying percentage of calls from first-time buyers who have stretched themselves financially to get onto the property ladder only to find with the increasing mortgage rates they are now facing arrears and ultimately repossession!
\"Fortunatly we are able to assist and in most cases we can put together a package to purchase the property giving the option to remain living in the property as a tenant for as long as they wish.\"
If you are needing to sell your property due to repossession or simply need to sell quickly then you can contact National Homebuyers on 0870 979 0900 or www.nationalhomebuyers.co.uk.
Web Site = http://www.nationalhomebuyers.co.uk
Contact Details = Sterling House 20 Victoria Way Burgess Hill West Sussex RH15 9NF 0870 979 8118 Fax: 01444 257333
2022
