Enquiries from first-time property buyers looking for mortgage advice rose slightly in April, according to unbiased.co.uk’s Find a Mortgage Adviser search service. Meanwhile, interest in remortgaging advice dropped from 37 per cent to 30 per cent during the month.
“Last year we saw a similar springtime rise in searches for first-time buyer mortgage advice. 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,” said Karen Barrett, chief executive of unbiased.co.uk. She added that in recent weeks, lenders have been raising mortgage rates and tightening their lending criteria, making it harder for people to get on the property ladder.
Ms Barrett went on to say that homeowners should seek guidance from a whole of market mortgage adviser to ensure they are aware of the best deals currently on the market, and how to mitigate the impact of any rate rises imposed by lenders in the future.