Many Britons underestimate the total cost of buying a home, according to an expert.

Dominic Mansley, managing director of independent financial adviser Key Financial Consultants, observes that there is additional expenditure which could lead consumers to need additional borrowing above the market price of the property.

He adds that it is "down to personal circumstances" to determine whether this would be best provided through a mortgage for more than 100 per cent of the house price, or through some other means such as secured home loans.

According to Mr Mansley, failing to anticipate costs fully is "a common trend we find with first-time buyers, specifically relating to fees which obviously have gone up recently".

"We're going to see more and more assistance from families for first-time buyers if there's a continuing increase in property prices," he predicts.

Figures from the Council of Mortgage Lenders reveal that the average first-time buyer takes out a mortgage for 90 per cent of the house price.

Those wishing to stay below the 100 per cent threshold could find secured home loans a means of providing the extra funds required.ADNFCR-1287-ID-18341260-ADNFCR

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