First-time buyers ‘are driving mortgage advice market’

Posted 19/04/2010

Research has indicated that large numbers of first-time buyers are currently seeking mortgage advice before embarking on their first steps on the property ladder.

A report by unbiased.co.uk, a professional advice website, shows that during March 2010, 40 per cent people seeking mortgage advice were first-time buyers.

With the base rate remaining at 0.5 per cent and the government raising stamp duty to properties over £250,000, now is a perfect time for new buyers to get into the property market.

March 2010 saw house prices rise by 1.1 per cent to an average of £168,521, according to Halifax, an improvement on February’s slight decrease.

First-time buyers are not only helping the property market by taking advantage of the current financial situation, according to unbiased.co.uk, they are also the key driving force pushing the mortgage advice market at the moment.

Karen Barrett, chief executive of unbiased.co.uk said: “It is essential that both first-time buyers and those looking to remortgage seek professional advice to ensure they are making the best decisions for their individual circumstances.”