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Loan charges: First-time buyers 'should wait for a bargain'

In order to avoid paying hefty loan charges, first-time buyers should wait for a bargain property, because the government's new FirstBuy scheme is a 'whitewash'.

That is according to Paul Holmes, chief executive officer of Firstrung, a company specialising in delivering solutions to first-time buyers.

Mr Holmes claims that the government's new scheme has been put in place to stimulate new house sales, not to help first-time buyers.

He said: "There is absolutely no point in a first-time buyer getting assistance on an overpriced property ... It is of absolutely no benefit to the first time buyer whatsoever.

"The best thing they [first-time buyers] can do is wait for a bargain to appear."

If the property is overpriced in the first place, the buyer may end up out of pocket when the loans are repaid following the sale of the house, he added.

According to the government, the FirstBuy scheme helps first-time buyers by providing them with help with deposits on new-build properties.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.


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