First-time buyers warned over short-term mortgage fees

First-time buyers should be wary of the fees associated with short-term mortgage deals, one expert has claimed.

Although short-term deals can enable people to take the first step on the property ladder, they can be difficult for people to understand, according to Helen Adams, managing director of first-time buyer specialists Firstrungnow.com.

"I think it is quite difficult for people to be aware of these offers or to even fully understand them," she said.

"That's why we think it is important that first-time buyers work with mortgage advisors who can explain it to them."

Ms Adams explained that people should assess their financial circumstances to properly evaluate whether a short-term or long-term deal is best when they are buying a property.

The comment follows recent figures published by Moneyfacts, which showed that there are currently 410 two-year mortgage deals available on the market, compared to just 257 last year.

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