The most savvy property buyers that solicitors in Northern Ireland will see will have chosen a mortgage that they can afford, as financial advisers Key Financial Consultants has said this is the most important aspect when buying a home.

According to the company, the recent slowdown in property prices in Northern Ireland should not mean that homebuyers should be put off, as long as they can obtain a mortgage that they can afford the repayments on.

Managing director of Key Financial Consultants, Dominic Mansley, said: "If you're buying a home then you should not see it as an investment. If it's for a home it doesn't really matter what happens in the market, as long as the mortgage is affordable.

"It doesn't really matter whether the value goes up or down - because it isn't an investment, it's a home."

However, Mr Mansley warned that the fees, deposits and stamp duty involved in buying a property can add up to more than many first time buyers expect, so a nest egg should be prepared well in advance.

"I think we're going to see more and more assistance from families for first time buyers if there's a continuing increase in property prices without a corresponding increase in average salaries," he said.

As a result of this, solicitors in Northern Ireland are increasingly seeing family homes being remortgaged to generate deposits for children getting onto the property ladder.


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