Property News | Consumers seeking mortgage advice soars

Browse By Subject

Money

Property

Social

Professional

Consumers seeking mortgage advice soars

Friday, July 30, 2010

Source: Catherine Deshayes

Despite worries over the state of the British economy, green shoots of recovery have set a firm foothold within the mortgage market... 

In the first half of this year, professional advice website unbiased.co.uk, recorded a 24% increase for consumers looking for advice from a whole of market mortgage broker, compared to the same period in 2009.

Unbiased.co.uk, which hosts a "find a mortgage adviser" search on its website, received more than 45,000 inquiries for mortgage advice in H1 2010, with first-time buyer advice coming top of the inquiries received. The first half of 2009 in comparison, saw just over 36,000 inquiries for a whole of market mortgage adviser.  

Karen Barrett, Chief Executive at unbiased.co.uk said: "The mortgage market has undoubtedly had a tough couple of years.  "We have seen lenders drastically restricting their lending criteria or going out of business altogether, all while interest rates have remained at a historic low. 

"And with consumers losing confidence in the housing market and unable to get mortgages, advisers of course have suffered from this downturn too. Over the last six to 12 months however, there has been more and more good news about the mortgage market. We have seen providers re-enter the higher loan to value market, more competitive deals to new and existing borrowers are re-appearing and new providers are entering the market.  "In parallel to these positive moves within the industry, consumers have started re-gaining their confidence in the housing market. Our latest statistics are a very clear sign that it is not just the market that is on the way to recovery but that consumers are back, actively seeking to explore their mortgage options.

We believe that the tumultuous period we have been through have led to more people seeking expert advice on their mortgages rather than going it alone, a very positive sign for consumers and mortgage advisers alike. Now is the time for mortgage advisers to up their marketing activity to be at the forefront of this regained consumer confidence."

Source: www.propertytalklive.co.uk