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Baffled first-time buyers seek whole of market mortgage advice

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by Gill Montia

A new report from professional advice website, Unbiased.co.uk, show mortgage enquiries from first-time buyers regaining ground, after a slight fall in June.

The firm recorded a 43% increase in July, indicating that some of those aspiring to homeownership are convinced the UK housing market has bottomed out.

Unbiased chief executive, David Elms, comments: “Many first-time buyers who are able to get on the property ladder are also seeking a whole of market mortgage adviser who can give whole of market advice.”

In what can only be good news for mortgage brokers, he adds: “Many still remain baffled by the mortgage maze and are continuing to seek whole of market mortgage advice to guide them on their options.”

However, searches for re-mortgaging advice fell slightly in July, compared with June, but remained above levels seen in the Spring.

The overall decline in remortgaging this year and last reflects a sharp rise in the number of borrowers opting to remain on lenders’ relatively attractive standard variable rates, as fixed-rate loans come to an end.

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News posted: September 2, 2009

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