First-time buyers are vulnerable despite low rates and affordable housing, the Law Society has warned.

First-time buyers remain vulnerable to repossession despite low interest rates and affordable housing schemes, says the Law Society.

The body says that despite low interest rates and affordable housing schemes aimed at making it easier for the first home owners to get onto the property ladder, they remain vulnerable and need independent advice.

Law Society president John Wotton said: “First time buyers are most in need of independent advice. A significant number of repossessions take place against first time buyers who often do not fully anticipate the nature and significance of the responsibilities they taking on. As a group they are at the greatest risk of negative equity.