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Increase in first-time buyers searching online for mortgage advice

By Jonathan Dawes, Thu 7 Jul 2011 - Published in Mortgages

Over 40 per cent of first-time buyers are looking for mortgage advice online, according to unbiased.co.uk.

The website's Advice Drivers report revealed that mortgage searches hit an annual high during June 2011.

Furthermore, its survey found that nearly a fifth of first-time buyers have been interested in buy-to-let loans.

Karen Barrett, chief executive of unbiased.co.uk, said: "Our figures suggest that confidence in the mortgage market is returning; we are seeing quite fast paced changes with a number of mortgage lenders having made their products more available by increasing the loan-to-value and offering attractive rates as the base rate remains historically low."

Recently, property solutions firm Firstrung stated that the government's FirstBuy scheme will not help people get a mortgage and allow them to purchase a property.

Paul Holmes, chief executive of the company, stated that the initiative was just window dressing and will be of "absolutely no benefit" to first-time buyers.