First-time buyer enquiries reach all-time high

Research by Unbiased, the professional advice website, has revealed first-time buyer enquiries reached an all-time high in September, representing 51% of all mortgage applicants.

The second most searched for criteria was remortgage advice. With 34% of people selecting remortgage advice when looking for a whole of market mortgage adviser in September, this search criteria has increased from 29% in August. Buy-to-let mortgages have also reached an all-time high, with 17% of all enquiries now seeking advice in this area in September.

Karen Barrett, chief executive of Unbiased, said: “With over half of people searching for advice on first-time buyer mortgages, these figures suggest that many first-time buyers have been waiting to step onto the property ladder and now have regained interest. It appears many have been biding their time but now feel they are in a position to investigate what’s on the market and take the first steps by seeing a whole of market mortgage adviser to advise them on their mortgage options.

“In light of the recent Financial Services Authority (FSA) proposals on a review of the mortgage market, there could be a future dip in enquiries from first-time buyers as, with increased regulation, mortgage lending criteria could become even stricter. While we welcome the protection that responsible lending will bring to consumers, it is vital that first-time buyers are still able to access the property market and get on the housing ladder through an affordable mortgage. Seeking whole of market mortgage advice will always ensure first-time buyers are able to find out what mortgage options available to them.

“The FSA is also looking to regulate buy-to-let lending, so with an increased rise in enquiries from those looking to take out a buy-to-let mortgage, these investors will need to assess the options available. With mortgage deals continually changing at the fast pace and regulatory changes on the horizon, it has never been more important to ensure you are seeking the best and most informed whole of market mortgage advice.”