Released on = June 12, 2007, 3:29 am

Press Release Author = Charlotte Burrows

Industry = Real Estate

Press Release Summary = Recent rises in interest rates have had a major impact on
recent first-time buyers, it has been revealed.

Press Release Body = A survey by online mortgage company mform.co.uk found 2.07
million new homeowners aged between 18 and 34 - the majority of whom are first-time
buyers - say they are having trouble meeting their mortgage repayments in the
current economic climate.

Meanwhile, this figure will rise to 2.66 million should the Bank of England decide
to increase interest rates to 5.75 per cent in the near future - as they threatened
to in the May meeting of the monetary policy committee.

\"There have been four increases in the Bank of England base rate in the past 12
months and this has hit many homeowners hard,\" confirmed Eamonn Rice, mform.co.uk\'s
chief executive.

\"In particular, many first-time buyers either use all or most of their savings for a
deposit or take out 100 per cent mortgages, and have loans that are a huge multiple
of their income.

\"In a period of rising rates, it is now especially important to shop around for a
competitive mortgage.\"

Homeowners struggling with the cost of borrowing could consider selling their
properties to National Homebuyers and renting them back to alleviate financial
pressures. Company director Julian King says: \"The volume of first time buyers
contacting us is astronomical.

\"First time buyers should not be facing this level of financial difficulty.

\"The effect of interest rate rises, the ludicrous lending agreements they felt
forced to sign and the general slowdown in the market is making being a first time
buyer one of the most dangerous occupations in the UK.\"

National Homebuyers is the UK\'s leading fast purchase property company, which
guarantees to make a formal cash offer to purchase any property in the UK,
regardless of its condition or location. More company information is available at
www.nationalhomebuyers.co.uk/index.asp

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
info@nationalhomebuyers.co.uk