First-time buyers seek independent mortgage advice

”First-time

First-time buyers and homemovers are flocking to mortgage advisers, according to unbiased.co.uk.

In the first six months of the year, the financial website recorded a 24% rise in consumers looking for advice from a whole of market mortgage broker, compared with a year earlier.

The website, received over 45,000 enquiries, with potential first-time buyers leading the surge.

The firm’s chief executive, Karen Barrett, comments: “Our latest statistics are a very clear sign that it is not just the market that is on the way to recovery but that consumers are back, actively seeking to explore their mortgage options.”

She adds: “We believe that the tumultuous period we have been through has led to more people seeking expert advice on their mortgages rather than going it alone, a very positive sign for consumers and mortgage advisers alike.”

Ms Barrett is convinced that UK mortgage lending has entered a new phase, with some providers re-entering the higher loan-to-value market and the arrival more competitive deals for new and existing borrowers.

However, in its latest Trends in Lending report, the Bank of England revealed that approvals for house purchase lending decreased slightly in June, compared to a month earlier, while the total amount loaned for house purchases remained unchanged on May and only a little higher than at the start of the year.

Furthermore, the Bank’s Credit Conditions Survey, published earlier this month, warned that lenders are expecting mortgages to be “less readily available” in the months ahead, as the wholesale money markets tighten.

Tags: enquiries, , , UK mortgage market, , whole of market


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