42 percent of February mortgage enquiries are first-time buyers
17-03-2010 00:00 (0 comments)
Could 2010 be the year of the first time buyer
Data released by unbiased.co.uk shows that during the month of February 2010, enquiries for whole of market mortgage advice from first-time homebuyers accounted for 42 percent. The comparable figure for January 2010 was 43 percent. This high level of interest from people looking to enter the property market for the first time is attributed to the decline in mortgage rates mortgages with a high LTV. Nearly one third 32 percent) were consumers looking for specialist remortgage advice whereas just over one out of five (22 percent) 'find a mortgage adviser' search were by consumers looking for residential property advice.
Karen Barrett, CEO of unbiased.co.uk commented "This is a positive move, which suggests lenders now have a renewed appetite to compete at the bottom end of the market, after first-time buyers were all but shut out by banks almost two years ago. Hopefully we may see more lenders follow these footsteps, in which case 2010 could turn out to be the year of the first-time buyer.
"First-time buyers, in turn, appear to now feel they are in a position to dip their toe in the mortgage pool, and take the important first steps by seeing a whole of market mortgage adviser to advise them on their mortgage options, and ensure they remain within their financial affordability limits.
"It is essential that first-time buyers and also those looking to remortgage seek advice to ensure they are making the best decisions for their individual circumstances. Only a whole of market mortgage adviser can give advice on products from across the market, which suit the individual's needs and financial position.
The top 10 drivers, according to the same website, were:
First time: 42%
Re-mortgage: 32%
Residential:21%
Buy-to-let: 14%
High loan to value: 6%
Equity release: 7%
Self employed: 6% share
Sub Prime: 3%
Flexible: 2%
Commercial: 2%
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