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Appetite from first time buyers rises

Appetite from first time buyers rises

Category: Mortgages

Updated: 17/05/2012
First Published: 17/05/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Appetite from potential first time buyers continued to grow in April, despite the end of the stamp duty holiday.

The number of first time buyer enquiries rose from 37% in March to 39% in April 2012, and was the number one advice driver for people looking for guidance in the mortgage market.

By contrast, interest in remortgaging advice fell from 30% in March to 39% in April.

Many consumers were also keen for professional advice on buy-to-let borrowing and residential mortgages last month, with almost one in five (19%) people looking for guidance in these areas.

"Last year we saw a similar 'spring time' rise in searches for first time buyer mortgage advice," said Karen Barrett, chief executive of unbiased.co.uk.

"This year despite three months of consecutive falls in searches for first time buyer advice, April has seen the first rise in demand in 2012.

"Over the last weeks we have seen lenders raise mortgage rates and tighten their lending criteria, putting further strain on people wanting to get on the property ladder, which will be a contributing factor to the rise in FTB enquiries."

However, potential buyers weighing up their options have been warned that lenders could soon increase their mortgage rates.

It comes after Halifax last week announced that it would increase mortgage rates.

To find up-to-the minute information on the best mortgages for first time buyers, be sure to check the Moneyfacts.co.uk Best Buy tables.

Find the best low deposit mortgage for your first home.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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