7-Dec-2010The cost of mortgages is set to rise as an interest rate hike is not far off, it has been claimed.
Creative director at digital marketing agency Dallas Matthews Chris Jenkins warned the base level of interest is going to change sooner or later and there will also be rising costs for homeowners in the form of higher home energy bills.
If you want to buy your first home, then seeking mortgage advice for first time buyers is essential to see how much you can borrow.
He added: "The combination of these increased outgoings could in turn lead to more repossessions."
Those with a mortgage will need to "prepare" their finances for such developments in order to avoid getting into such trouble, Mr Jenkins advised.
First time buyers have a lot to research, not least the best deals amongst mortgages for first time buyers.
Repossessions have been falling in recent times, with Council of Mortgage Lenders data for the third quarter showing 8,900 homes were taken back, down from 9,400 in the previous three months.
When you are starting out looking to take that first step, you will need to take advice for your first home mortgage.
Price figures reveal regional variations for first mortgage seekers
You really have to be on top of all your paperwork and finances these days.
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