He went on to explain that this means that, as long as both parties are in work, the repayments are generally manageable.
"The first-time buyers who have managed to buy over the last couple of years have done it very conservatively. It's people with £250,000 plus mortgages who have got the real problems," Mr Holmes added.
"First-time buyers are the least likely group to be repossessed full stop, because it is their home they have recently bought it and they can generally afford it."
A recent report from the Ministry of Justice found that the credit crunch has seen people having to pay more for their mortgage.
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