It has been reported by unbiased.com, the website which serves as an intermediator between customers and independent financial advisers in their area, that as much as 42 per cent (70,000) of people asking for advice in February appeared to be first-time buyers.

The proportion of first-time purchasers seeking mortgage advice has stayed high. Furthermore, since the start of the year there has been a huge surge in the number of high loan-to-value mortgages, which are more attractive for first-time purchasers because they don’t demand high deposits. This can be explained by the competition returning gradually to the market which makes lenders slacken their requirements.

Karen Barrett, CEO of unbiased.co.uk, says it is great that growing number for first-time buyers want to progress from cheaper to more expensive housing.

They can afford it now when many lenders are renewing competitive rates on high loan-to-value mortgages. She admits that it is an encouraging trend since it indicates that more lenders become eager to compete at the bottom end of the market.

She hopes that their number will keep increasing, which will invite more prospective homeowners into the market.


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