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·  Unbiased.co.uk’s latest Advice Drivers report reveals 42% of enquiries for mortgage advisers are from first-time buyers in February 2010

·  32% of consumers are searching for details of whole of market mortgage advisers who specialise in remortgage advice

With increasing numbers of lenders now re-entering the high loan-to-value space for borrowers with smaller deposits, latest figures from unbiased.co.uk, the professional advice website, reveal 42% of enquiries for whole of market mortgage advice in February 2010 were from first time buyers looking to get their foot on the property ladder.  This has remained high since the start of the year, which saw 43% of searches in January from first-time buyers.  And with mortgage rates on high loan-to-value products also starting to become more competitive since the beginning of the year, 2010 could turn out to be the year of the first time buyer.

Other significant advice drivers in February 2010 included remortgaging, with nearly a third of consumers (32%) searching for a whole of market mortgage adviser who specialises in remortgage advice. In addition, just over one in five (21%) of all searches on the ‘find a mortgage adviser’ search were by consumers looking for residential property advice. 

Karen Barrett, Chief Executive of unbiased.co.uk, commented: “It is encouraging to see first-time buyers are back out in force looking to get their foot on the property ladder.  Especially as they’ve been given a helping hand by those lenders who’ve now re-introduced competitive mortgage rates on high loan-to-value products.  This is a positive move, which suggests lenders now have a renewed appetite to compete at the bottom end of the market, after first-time buyers were all but shut out by banks almost two years ago. Hopefully we may see more lenders follow these footsteps, in which case 2010 could turn out to be the year of the first-time buyer.  First-time buyers, in turn, appear to now feel they are in a position to dip their toe in the mortgage pool, and take the important first steps by seeing a whole of market mortgage adviser to advise them on their mortgage options, and ensure they remain within their financial affordability limits.

“It is essential that first-time buyers and also those looking to remortgage seek advice to ensure they are making the best decisions for their individual circumstances. Only a whole of market mortgage adviser can give advice on products from across the market, which suit the individual’s needs and financial position.  You can visit unbiased.co.uk to find a qualified, local whole of market mortgage adviser who can guide you.”

The average top ten Mortgage Advice Drivers in February 2010 were as follows:

The report is compiled on a monthly basis from comprehensive data collected as a result of individual consumer selections made when requesting details of a local mortgage adviser through unbiased.co.uk.  Consumers can carry out a confidential and free search to find a whole of market mortgage adviser near them by going to unbiased.co.uk. 

ENDS

For further information on unbiased.co.uk, the professional advice website pleases contact:

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Notes to Editors

Unbiased.co.uk, the professional advice website

Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs.  In 2008, unbiased.co.uk fulfilled over half a million searches for local, professional advice. 

The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service.  These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options. 

IFA Promotion, the organisation behind unbiased.co.uk, is now in its 20th year, and was set up to promote the benefits of independent financial advice to the consumer. 

Unbiased.co.uk’s product provider sponsors

Registered Office: unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606

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