Many first time buyers go to brokers for advice

According to a recent report many first time buyers in the UK are now going to brokers for advice on getting a mortgage, as the mortgage market continued to get increasingly difficult in terms of accessibility and affordability. Tight credit conditions stemming from the global credit crunch has left many inexperienced first time buyers unsure with regards to how to go about getting a mortgage, as well as what sort of mortgage will best suit their needs and circumstances.

With credit conditions continuing to get tighter as the global credit crunch maintains its hold on the UK market, brokers are reporting a rise in the level of new first time buyer enquiries. The level of first time buyer mortgages taken out through brokers has risen over recent months according to the Council of Mortgage Lenders, rising from 72.8% in the final three months of last year to 82.5% in the first three months of this year.

Industry officials have stated that there are fewer first time buyers that are prepared to take the plunge and climb onto the property ladder at present, and this was a combination of increased wariness due to falling house prices and lack of access to mortgage loans due to tighter credit conditions. However, brokers claim that the figures show that despite the difficult financial climate brokers are still able to offer competitive and affordable deals to first time buyers.

Many first time buyers are nervous about making a decision on which mortgage to take out, particularly in the knowledge that the financial climate is so difficult at present, and this is why many are turning to brokers to get advice on the best mortgage for their needs, and to find as competitive a deal as possible.