Consumers across the UK are still keen to take on the debt management burden of a home loan despite the recent slowing of the housing market, it has been suggested.
The Fair Investment Company insists that the UK’s “love affair with the property market” has continued and that the popularity of 100 per cent mortgages has been strong in recent months.
“Our figures suggest that while overall there have been fewer mortgage enquires since the first quarter of 2007, first-time buyers are still keen to seek out a deal and are fully prepared to opt for 100 per cent mortgages if it means getting their own home,” said James Caldwell, director of Fairinvestment.co.uk.
The claims from Fair Investment come days after the Council of Mortgage Lenders forecast that debt management problems would lead to 50 per cent more repossessions in the UK in 2008 than this year.
A report from the homelessness charity Shelter recently revealed that more than a million Britons have paid their mortgage off by adding to their credit card debt burden.