Baffled first-time buyers seek whole of market mortgage advice
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.