Mortgage and homes news
Advice 'crucial for first-time buyers'
6 February, 2008
Getting the right advice when looking for a mortgage is crucial for first-time buyers, one expert believes.
Peter O'Donovan, mortgage manager for Bestinvest, said that the variety of mortgage products on the market meant speaking to a broker was vital to help ensure that buyers got the most suitable product for them.
He said: "This is particularly true for first-time buyers who have no idea [about the mortgage market], but perhaps even more important for second or third-time buyers who have previously not had any proper advice."
Mr O'Donovan added that as brokers were monitored by the Financial Services Authority, mortgage hunters should be confident that they were getting the right advice.
And, he went on, going to a broker was better than people attempting to navigate "the minefield that is the mortgage market" on their own.
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According to the Council of Mortgage Lenders, some banks have tightened their lending criteria following the effects of the credit crunch.
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