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First-time buyers 'safe' from repossessions

First-time buyers 'safe' from repossessions

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Homes owned by first-time buyers are the least likely to be repossessed in the current climate of financial instability, one expert has said.

Paul Holmes, operations director of Firstrung, stated that first-time buyers should remain safe from repossessions, noting that homeowners with mortgages of over £250,000 are the most vulnerable.

"First-time buyers who have recently climbed onto the first rung [of the property ladder] are least affected by the problems than any other buyer group," he remarked.

Mr Holmes added that the "family arena" is the group of homeowners most under threat from repossessions as they may have recently upgraded to a large house and doubled their mortgage.

Recent figures from the Ministry of Justice have revealed that repossession claims rose by 16 per cent in the first three months of 2008, compared to the same quarter in 2007.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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