More people seek advice on mortgages

Financial advisers reported a 25 per cent jump in the number of people contacting them for help with mortgages during the first half of the year, figures showed yesterday.

By The Newsroom

Published 27th Jul 2010, 00:44 BST

Around 45,000 people used professional advice website unbiased.co.uk to find a mortgage broker during the six months to the end of June, up from 36,000 during the same period of 2009.

First-time buyers were the most likely to be looking for help

navigating the mortgage market from a broker.

The group said the rise in inquiries relating to mortgages showed that consumers were starting to regain confidence in the housing market.

But it added that the increase also reflected the fact that the mortgage market was now more complex than it was before the credit crunch.

The combination of the credit crunch and house price falls caused banks and building societies to tighten their lending criteria and reduce the proportion of a property's value that they were prepared to advance.

But the situation has been gradually improving for a number of months.