The comparison site has seen prospective first-time buyer traffic on its mortgage comparison channel jump 15% since the Chancellor’s announcement in the Budget.
This comes at a time when Moneysupermarket has recorded an improving range of mortgages available to FTBs, with a 17% rise in the number of 90% loan-to-value deals and 80% LTV deals up by a third. The average rate for deals for FTBs was 4.79%.
A poll of 918 Moneysupermarket’s customers also revealed that 76% believed it was “fair” that the stamp duty exemption only applied to FTBs. Neverthless, 18% said mortgages were still hard to obtain, making buying a property difficult.
Hannah-Mercedes Skenfield, mortgage channel manager at Moneysupermarket, said: “There has been much debate over the past week as to what impact Darling’s measures will have on the housing market and, while the jury’s still out on that one, it’s clear that those most affected have welcomed it if numbers to our site are anything to go by.
“As we approach one of the busiest weekends of the year for house-hunting, the first-time buyer could well be back out after months of hibernation.
“While the majority of our users say the Stamp Duty cut is a good thing, and recognise that people need help to buy their first home, the reality is that until LTVs and corresponding loan rates improve, the situation remains largely the same. Without a large deposit, you’ll find yourself on a higher rate and that’s if you can get a mortgage at all. It will be interesting to see over the long-term what impact this has.”
