Wednesday 5th April 2006
First time buyers are especially at need of straightforward mortgage advice, according to the Halifax.
A spokesman for the bank said that buying property with current high prices is hard enough without adding a confusing mortgage process on top.
Prior planning and budgeting, the bank advised, is key to ensure that first time buyers look for properties within their budgets and therefore avoid any disappointment.
"It is a lot more difficult for first time buyers to get their foot on the property ladder -you only have to look at property prices," a Halifax spokesman said.
As well as working out a realistic monthly payment budget, first time buyers can find mortgage advice from the Halifaxs guide, as well as from online sites outlining the terms and benefits of the variety of mortgages on offer.
Nationwide Building Society has also announced a new legal service for first time buyers this month that will offer advice for both sellers and buyers with no fees to pay if deals are not completed. 
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