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Unbiased: lenders compete for first-timers

by: Mortgage Solutions
  • 22/03/2010
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Unbiased has predicted that more first-time buyers will enter the market in 2010, because lenders are competing for their business.

In its latest Mortgage Advice Drivers report, the advice website revealed that first-time buyers are continuing to seek brokers in high numbers.

They made up 42% of all mortgage advice enquiries in February on Unbiased, which was slightly down from 43% in January but up from 41% in June 2009.

Karen Barrett, chief executive of Unbiased, said first-time buyers are trying to access the market as lenders re-introduce competitive mortgage rates on high LTV products.

She added: “Lenders now have a renewed appetite to compete at the bottom end of the market.

Hopefully more will follow, in which case 2010 could turn out to be the year of the first-time buyer.”

Linda Will, sales and marketing director at Stroud & Swindon Building Society, said she was unconvinced that the enquiries would filter through to purchases.

She added: “The products are still too expensive for most potential buyers. The fees are too high and raising a deposit is still challenging.”

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