First-time buyers 'must analyse their options'

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First-time buyers have been told that they should analyse their options before buying a property in the current housing market.

Mortgage advice firm Alexander Hall has said that people should consider want would happen to them if house prices increased, maintained their current rate or fell by over five per cent.

Andy Pratt, the company's spokesperson, added that they should also consider their personal circumstances and think about how long they will stay in a property.

He went on to explain that recent concerns that some homeowners may be affected by negative equity are "not relevant" to people until they remortgage and sell a property.

"The positive side is that, during that period, the consumer will be paying off the mortgage – assuming that they take out a repayment mortgage – so they'd be paying down the capital and … reducing their loan-to-value," he explained.

Mr Pratt added that anyone with concerns should talk to independent advisors.

Alexander Hall is one of the leading mortgage brokers in the UK.

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