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Increasing number of first time buyers look to brokers for assistance

August 4, 2008 by admin  
Filed under News, News-Mortgages

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Officials have claimed in a recent report that an increasing number of first time buyers are now looking to mortgage brokers for advice and assistance in finding a mortgage. It is thought that this is something to do with the tighter credit conditions stemming from the global credit crunch, and with the increased difficulties that many first time buyers are experiencing when it comes to getting a mortgage many are hoping that an experienced broker can help them to find the right mortgage.

A number of mortgage brokers have seen the number of enquiries rising over recent months, and the level of mortgage taken out by first time buyers through brokers rose to 82.5% in the first quarter of this year compared to 72.8% in the first quarter of last year. There has also been an increase in the number of people going through mortgage brokers to remortgage, with the figure rising from 68.2% in the first quarter of last year to 79.1% in the first quarter of this year.

One industry professional said that the number of first time buyers looking to take the plunge was in short supply at present due to various factors, including falling house prices and tight credit conditions. However, another industry official said that the figures proved that mortgage brokers are still able to offer consumers competitive deals and advice relating to getting a mortgage. However, brokers are now being put under increased pressure from the Financial Services Authority to inform consumers with regards to where they can get the best deal on a mortgage, even if it means going direct to a lender rather than through the broker.

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  1. Pay and bills could further affect consumer finances says:
    August 5, 2008 at 1:15 pm

    [...] Increasing number of first time buyers look to brokers for assistance [...]



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