First-time buyers (FTBs) should compare all the options to determine how much they can borrow, it has been advised.

According to advisory service Fair Investment Company, the proportion of mortgage inquiries made by FTBs in the last three months stood at 74 per cent.

With first-timers showing no signs of being dissuaded from mounting the housing ladder, the firm recommends considering all possible means of financing a purchase.

This could include secured home loans and homeowner loans, in addition to traditional mortgages for the cost of the house itself.

Company director James Caldwell comments: "Our advice would be to compare the market and see what you can realistically afford to borrow."

"Now is a good time to be shrewd by exploring all the possible choices," he adds.

Borrowers may welcome the flexibility of homeowner loans as they could pay off a lump sum of the total or potentially restructure their monthly repayments if their income were to increase.ADNFCR-1287-ID-18341268-ADNFCR

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