UK Money News
7th May 2008
Homebuyers cautioned over borrowing to raise deposit
Homebuyers have been warned against attempting to buy a house using unsecured loans or credit cards.
According to research conducted by iammoving.com around one in three first-time buyers are using unsecured loans, borrowings and credit cards to raise a deposit.
However, in so doing they are taking a huge financial gamble, according to Peter Becket, business development director of the site.
He added: "The whole housing market is at quite a turning point I think, whereby the prices are coming down and first-time buyers are looking for ways to be able to manage to get on to the ladder.
"But it’s a very dangerous thing to do it on the back of unsecured debt unless you are extremely confident about your job security."
The safest option for paying a deposit is using savings.
iammoving.com is an online change of address service and is operated in association with the Royal Mail.
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