Call for first time buyers to go back to schooland learn the property ropes.
Malcolm Hurlston, chairman of national debt charity Consumer Credit Counselling Service (CCCS) says mortgages for first-time buyers should be sold like driving licences and people should have to study and take exams.
In a speech today at the CCCS Annual Convention Hurlston called for the Financial Services Authority to issue home ownership certificates to anybody buying a first home.
Pre-mortgage counselling has already been launched in the United States for those on a low income. They can receive low or no-cost advice about buying a home, renting, default, repossession and credit.
Hurlston maintains that those most likely to have a debt problem in Britain are on low incomes and have wrongly, or too quickly, bought a property. He says: “Home ownership is a lifestyle choice but a trap for many. “First-time mortgages should be sold with a health warning. Home ownership is a lifestyle choice but a trap for many
