Demand for first time buyer mortgage advice up
Demand for mortgage advice for first time buyers is on the up, reaching a 23-month high in January, according to unbiased.co.uk.
New figures from the site show 41 per cent of enquiries for mortgage advice last month were from first time buyers, compared to 36 per cent in December.
Searches have increased ‘dramatically’ since November, with last month’s figure reaching a 23-month high.
Karen Barrett, chief executive of unbiased.co.uk, said the figures suggest “real momentum in the FTB market and a real consumer demand for whole of market mortgage advisers to guide them on all the options available and help them to find the best solution”.
She added that the talk of higher loan-to-value mortgages hitting the market in the near future can “only be good news for first time buyers trying to get their foot on the ladder”.
Figures from Halifax suggest home affordability is now at a 14-year high. Martin Ellis, housing economist at Halifax, said this is likely to continue in 2012 as the Bank of England base rate remains low.
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