First -time buyers confident but unprepared by Finance News Bulletin

Published: 31/03/07

unparalleled buyers are increasingly confident about getting on the housing ladder but most are unprepared for the extra costs of the move, according to investigate from AbbeyOf those polled 11 per cent of first-time buyers said that the imposing interest rate cut made them more likely to buy a home, while 18 per cent will do so if a further reduction is made this yearCompared to the same district last year, 34 per cent of first-time buyers sense that they will make a purchase this year, up from 29 per centHowever, three-quarters of those polled had not budgeted for additional costs such as solicitor's fees, stamp duty or touching costs

Gary Hockey-Morley, Abbey's manager of mortgages, said: "Many first-time buyers seem to not remember that buying a house incurs significant additional costs beyond a deposit, such as stamp duty and lawful costs"It's better to anticipate and budget for these operating cost beforehand rather than resorting to borrowing money on credit cards or from family at the last minute"Research exposed that while average stamp responsibility is £1,300, most people hadn't budgeted for it all while those that did saved an average of £152MoneyExpert incomplete is authorised and regulated by the Financial armed forces Authority (FSA Registration No

301654) The Financial Services Authority does not control some forms of mortgage agreement, credit cards, personal loans, current

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