More first time buyers try and get mortgage advice

According to a recent report more first time buyers are now looking to get mortgage advice, as the market continues to throw hurdles in the way of the average first time buyer.

Many first time buyers have been struggling to try and get onto the property ladder for year, and whilst property prices have fallen the increased difficulties in getting a mortgage have meant that many first time buyers have been left facing severe difficulties when it comes to getting a mortgage loan.

One industry group said that the majority of its mortgage related enquiries for the month of June came from first time buyers hoping to get some advice that would help them onto the property ladder.

Officials from the group said that first time buyers made up the highest number of enquiries relating to mortgages, whilst the second highest came from those that were looking to remortgage.

An official from the group said that the increasing levels of enquiries for mortgage advice showed that the level of interest from would be buyers and those looking to remortgage was increasing.

He said: “These latest figures suggest a stirring amongst those thinking about re-mortgaging, after the previous two months drop in re-mortgage enquiries.”

Over recent weeks the level of mortgage approvals has been increasing according to the figures, but lenders are still restricting the mortgages that they are giving out due to continued difficulties in the mortgage market and the ongoing recession.

However, with interest rates still at an all time low of 0.5 percent many are now keen to try and get a mortgage whilst rates are still low, and before property prices start to rise again.

Tags: Mortgages, mortgage advice, business, low, first time buyers, latest figures, whilst, council of mortgage lenders