Parental help could be needed for 'credit-card reliant Britons'

15-Feb-2010

Parental help may be required for those young Britons who are unable to get together the cash needed for a mortgage because of debts.

A new survey by moneysupermarket.com has revealed that of those people under the age of 20 who own credit cards, a third rely on plastic on a daily basis to cover the cost of purchases.

Getting into debt now could seriously impact upon the availability of credit in the future, explained Peter Harrison, credit cards expert at moneysupermarket.com.

One way in which doors can be closed to young first-time buyers (FTBs) with credit card debt could be when it comes to getting a mortgage, especially as many lenders remain cautious to giving loans to those borrowers who they deem a risk.

"Young people must work hard to avoid the temptations of becoming trapped in debt," he stated.

FTBs could find it especially hard to raise a mortgage deposit in light of recent findings from Halifax which revealed that the average cost of a home rose by 105 per cent in Britain in the 2000s.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

http://www.firstrungnow.com/news/buy-to-lets-could-be-1699.aspx
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