First time buyers returning to market

26 April 2005
Latest figures from My Mortgage Direct have shown that first time buyer mortgages are on the increase.

The findings follow recent data released from the National Association of Estate Agents (NAEA), which showed the number of first time buyers doubled over the last month.

According to telephone and online mortgage specialist My Mortgage Direct, it has received a 16 per cent increase in applications since the start of 2005.

MMD managing director, Paul Hearnden, commented: "First time buyers keep the cogs of the housing market turning, so it is good news to see more and more of them coming to the market - especially given the general levels of uncertainty regarding the direction of house prices.

"Our 16 per cent rise suggests there is more buyer confidence out there than we have seen in a while, and along with rising levels of re-mortgage business, we put this down to the affordability factor and a growing belief that interest rates will not rise significantly over the coming year."

Mr Hearnden explained that the mortgage market is "exceptionally competitive" and that High Street lenders such as Abbey and Halifax are now offering "some very good deals".

Click here to compare first-time buyer deals.

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