Firstrung mortgage expert highlights plight of civil servants

Date:Monday 13th September 2010
Author: Max Freedman

Civil servants were previously in an excellent position to secure a mortgage, but the upcoming public spending cuts are likely to alter this situation, according to a Firstrung mortgage expert.

Chief executive of the company Paul Holmes noted that lenders would count people in civil service roles as having "guaranteed employment" and a steady pay cheque.

However, he explained that the austerity measures are making it harder for such individuals as providers know that up to 700,000 civil servants may be losing their jobs.

"Also, if you are in the civil service and you are thinking of moving up and taking on a bigger mortgage, you are probably very reluctant to do that at the minute," added Mr Holmes.

The Firstrung mortgage expert made his remarks after the LSL Property Services/Acadametrics house price index showed a 0.2 per cent increase during August, with sales of homes in London and Wales picking up during that time.