This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more
Mortgage advice seekers up 24% Go compare with our comparison table

Mortgage advice seekers up 24%

27 July 2010 / by Rachael Stiles

The number of consumers seeking mortgage advice rose 24 per cent in the first half of 2010.

More than 45,000 people sought mortgage advice through during the first six months of the year, compared to the same period in 2009.

According to the financial comparison website, this suggests that the mortgage market is in the recovery stages.

"Green shoots of recovery have set a firm foothold within the mortgage market," the website says, as more consumers seek mortgage advice from a broker that has access to mortgages from the whole market.

First time buyer mortgage advice accounted for the highest number of enquiries received, the figures show.

Commenting, Karen Barrett, chief executive at 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.

Mortgage advice enquiries dwindled while consumer confidence remained low, she added, but "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."

Ms Barrett said that the statistics are a "very clear sign" that confidence is returning among consumers, but that they are more likely to seek mortgage advice following the tumultuous few years that the market has just been through.

© Fair Investment Company Ltd

ProviderLTV**CCJsDefaultsBankruptcyIVAMissed Loan Payments* 
Up to 75%None in 12 Months - Maximum 5None in 12 MonthsDischarged 12 Months AgoSatisfactorily Conducted 12 Months AgoNone in 12 MonthsMore Info >

Call 0117 332 6063

Our View:

"Credit repair mortgage service to help you get back to a high street mortgage deal - If you have suffered a one off event such as divorce, redundancy, serious illness which has resulted in a "bad" credit entry on your credit file over 12 months ago this service will help you get back on track".

Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

In this example the overall cost for comparison is 3.7% APRC representative.