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FTBs 'least likely to be repossessed'
12 May 2008
First-time-buyers are in the least danger of having their homes repossessed, according to finance company Firstrung.
Out of all the buyer groups, the conservative nature of first-time buyers has meant they have been able to cope with the decline of the mortgage market and increased mortgage payments.
An increasing number of first-time buyers are financially secure couples with dual incomes who have bought a home within their price range.
Paul Holmes, operations director of Firstrung, said: "A £115,000 mortgage shared between two recent first-time buyers both in work is very manageable. They will have to cut to their cloth according and make certain sacrifices."
Families who have moved up the property ladder have been most affected by the credit crunch with many seeing their mortgage payments almost double.
"The real damage here in repossession territory unfortunately is in the family arena," said Mr Holmes.
According to statistics from the Ministry of Justice the number of people threatened with repossession rose by seven per cent on last year.
