Increase in requests for mortgage advice 'a sign of recovery'

27 July 2010

Written by Gavin Elley

A rise in the number of people seeking advice on their home loan indicates that the mortgage market is recovering, one organisation has said.

Unbiased.co.uk reported that 24 per cent more consumers had enquired about borrowing to purchase a property over the last six months compared with the first half of 2009.

Karen Barret, chief executive at the firm, said that lenders were making more higher loan-to-value deals available and increased the number of competitive products on the market, while new providers were emerging.

Additionally, borrowers are becoming more confident about the housing sector, she suggested.

"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," she noted.

Buy to let investors were recently told that the decline in discount products was a positive development, as director of MyMortgagesDirect Catherine Hearnden said that customers preferred tracker rates over the cheaper deals as it is easier to predict how changes in the base rate will affect their home loan.

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