First-time buyers 'should avoid raffles'

First-time buyers would probably be better off avoiding property raffles and concentrating on saving a deposit for their mortgage, it has been claimed.

According to FirstRungNow.com, people with money to spare may want to take their chances on a raffle - if they are sure it is legitimate.

However, the company stated first-time buyers should not risk cash that could be better used to take advantage of low interest rates on borrowing.

Managing director Helen Adams said: "My advice is for people to save as much money as they can at the moment - rather than gambling it - and to start saving towards a deposit."

The website winmybungalow.com is currently offering a detached chalet valued at £570,000 for the winner of their raffle.

A maximum of 28,000 tickets are on offer at £25 each until April 16th 2009.

FirstRungNow.com is a company which helps people purchase their first home.

Related Articles:
A competitively priced house can sell quickly, says expert
Mortgage overpayments 'can help protect equity'
Take a year off mortgage payments with Nationwide competition
Dream home 'kept in mind by 60 per cent of Brits'
Property 'key goal for under 30s'