Number of customers seeking mortgage advice up 24%
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In the first half of the year unbiased.co.uk, recorded a 24% increase in consumers looking for advice from a whole of market mortgage broker, compared to the same period in the previous year.
Unbiased.co.uk, which hosts a find a mortgage adviser search on its website, received over 45,000 enquiries for mortgage advice in the first half of 2010, with first-time buyer advice coming top of the enquiries received. The first half of 2009 in comparison, saw just over 36,000 enquiries for a whole of market mortgage adviser.
Karen Barrett, chief executive at unbiased.co.uk, says over the last six to twelve months, there has been some positive signs from the mortgage market.
She says: “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.
“In parallel to these positive moves within the industry, consumers have started re-gaining their confidence in the housing market. Our latest statistics are a very clear sign that it is not just the market that is on the way to recovery but that consumers are back, actively seeking to explore their mortgage options.
“We believe that the tumultuous period we have been through have led to more people seeking expert advice on their mortgages rather than going it alone, a very positive sign for consumers and mortgage advisers alike. Now is the time for mortgage advisers to up their marketing activity to be at the forefront of this regained consumer confidence.”
Readers' comments (6)
Paul | 26 Jul 2010 3:12 pm
Or alternatively, as more and more people become locked out of mainstream mortgage market, they are forced to approach brokers in the hope that something can be done for them. This is probably more a sign of financial stress and desperation as opposed to good news fo rhte market; recent mortgage approval figures back this view up.
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Anonymous | 26 Jul 2010 3:54 pm
Either way, it's good news for Brokers isn't it?
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paul | 26 Jul 2010 5:59 pm
It is good news for brokers if having your time wasted in deemed good news
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Chris Jones | 26 Jul 2010 10:20 pm
Its not good news for brokers if all there is is lots of unrealistic first time buyers/overcommitted desperate self certers out there looking for some free advice off the internet and ending up speaking to a broker by accident. it good news if youre a lead provider though. they can flog a load more leads to desperate brokers!
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Grey Haired Underwriter | 27 Jul 2010 10:46 am
Is it a pre-requsite of being a broker to find something bad in every piece of news?
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GMS | 27 Jul 2010 11:35 am
There seems to be a lot of pessimism contained within any response to news lately, whether good or bad news. An increase in consumers seeking advice would have been heralded as a new dawn 12 months ago. Yes the rules have changed and products are no longer how they were but let's not dismiss it straight away. The lack of self cert has been mentioned by a previous respondent as a reason why the increase is not good news. True, there may be people who cannot be helped for this reason but there are also self cert clients who did not need to self cert, simply choosing to do so due to ease. They may well have accounts now. First time buyers may be unrealistic about what they can have but the fact that they are back in the market is fantastic news. We all need to grab a piece of the action, and if it turns out to be a case we cannot do then so be it. Anybody who is given honest advice will pass on your details to other people. No better business introduction than a referral.
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