First time buyers seek out independent mortgage advice

For many years, experienced home owners have known the value of an independent mortgage broker when seeking advice about the best mortgage deals. However, research from the Council of Mortgage Lenders has revealed that there is an increasing incidence of first time buyers seeking the same professional guidance. Indeed in the first three months of 2008, a staggering 82.5% of first time buyers sought mortgage advice compared with 72.05% for the same period last year.

Whilst some of the increase can be attributed to the loss of the innovative and market leading Together plan from Northern Rock, the ever increasing choices offered by shared ownership, shared equity and Homebuyer schemes, especially to Keyworkers, means an independent mortgage adviser is essential.

The same data also shows that brokers are now responsible for 79% of all remortgages, another 10% increase on the same period last year. With market leaders such as the Abbey deciding to offer their 5.78% (7% APR) three year fixed rate remortgage scheme only through selected mortgage intermediaries, it underlines the belief of the market in advised choice for consumers.

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