New buyers least likely to be repossessed

Published: May 12, 2008

First-time buyers are the group which are least likely to have their homes repossessed.

That is according to Firstrung, which said that most new buyers take out deals with affordable mortgage interest rates.

Their circumstances usually support their efforts to keep up with mortgage repayments, particularly if they buy as a couple.

"First-time buyers are the least likely group to be repossessed full stop, because it is their home they have recently bought it and they can generally afford it," said Paul Holmes, Firstrung's operations director.

"The first time buyers who have managed to buy over the last couple of years have done it very conservatively

"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," he added.

It is good news for first-time buyers, many of whom choose to take out fixed-rate mortgages whenthey first make it onto the property ladder.