Rise in First Time Buyer Mortgage Applications

The number of mortgage applications from first time buyers rose to its highest level for almost six months. Nearly 40% of all applicants were first time buyers in September, 2011.

Most first-time buyers appear to be hedging their bets on interest rates, opting primarily for two or sometimes three-year fixed rate mortgages, while a smaller number have chosen two or three year tracker mortgages.

First time buyers are a key component of the mortgage market and the increase is a clear indication of the increasing willingness among lenders to support their efforts to get onto the property ladder. To see how Prospect Mortgages can help you with the best mortgage deals available click here.