- Friday, 30 April 2010Embarking on home ownership too soon and without enough knowledge could lead to borrowers needing a
debt management plan.
National debt charity, Consumer Credit Counselling Service (CCCS), wants all political parties to promise guidance for first-time buyers, so they can make an informed decision and avoid debt.
Chairman Malcolm Hurlston believes that those on low incomes in Britain who have gone onto the housing ladder too early are more likely to need
debt management.
He made these comments in a speech at the Consumer Credit Association's annual convention in Bristol on April 28th.
Mr Hurlston also said: "Home ownership is a lifestyle choice but a trap for many."
The US has already launched a pre-counselling mortgage service and the CCCS wants the UK to follow suit, by introducing supervision by the Financial Services Authority on all first-time mortgages.
Rightmove, the property website, revealed that the proportion of first-time buyers expecting to enter the housing market in the next 12 months has stagnated compared to the last quarter.
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