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 unbiased.co.uk 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 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.

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.

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