Number seeking mortgage advice up by a quarter

July 27, 2010 by Brendan O'Neill

Mortgage Advisors

News

According to website Unbiased, the consumer numbers for those seeking advice when finding a mortgage rose by just under a quarter (24 percent) during the first six months of 2010 when compared to the same time period of last year.

An article in Fair Investment suggests that these figures may suggest that the mortgage market is starting to recover.

The website Unbiased stated:

“Green shoots of recovery have set a firm foothold within the mortgage market.”

The number of first time buyers represented the higher number, according to the figures.

Many consumers seek assistance from mortgage advisors or brokers when they need a new mortgage or to remortgage, and many prefer advice from a mortgage broker who can access mortgages from the entire market.

Although the mortgage market has certainly had a tough time during the recession, there do seem to be some ‘green shoots of recovery’ showing themselves. In the recession, lenders drastically changed their lending criteria to make it much harder to attain a mortgage although recently we have seen 90% mortgages creeping back in with more competitive interest rates and better deals are coming available to both existing and new borrowers again.

As the number of mortgage advice enquiries increase, this shows an increase in consumer confidence. Indeed, in the years following the recession it is now more likely than ever that consumers will look to mortgage advisors to ensure that they get the best mortgage deal they can so they can ensure they afford their monthly repayments.