Latest figures from unbiased.co.uk's Advice Drivers report show that first time buyer enquiries rose from 37% in March to 39% in April 2012, and is the number one advice driver for consumers looking for whole of market mortgage advice according to unbiased.co.uk's 'find a mortgage adviser' search.
However, interest in remortgage advice dropped from 37% in March to 30% in April.
Karen Barrett, Chief Executive of unbiased.co.uk, comments:
"Last year we saw a similar ‘spring time' rise in searches for first time buyer mortgage advice. This year despite three months of consecutive falls in searches for first time buyer advice, April has seen the first rise in demand in 2012.
"Over the last weeks we have seen lenders raise mortgage rates and tighten their lending criteria, putting further strain on people wanting to get on the property ladder, which will be a contributing factor to the rise in FTB enquiries."
With last week's announcement from Halifax that they will increase rates despite the Bank of England keeping the base rate at 0.5 per cent for three and a half years in a row, borrowers are now faced with the probability that more lenders will follow suit.
Karen Barrett says:
"Homeowners should consider seeking guidance from a whole of market mortgage adviser to ensure they are aware of the current deals on the market and how to mitigate any substantial rate rises imposed by lenders. A mortgage adviser will recommend the best deals available and give a clear overview on how to go about remortgaging.
"They will also ensure you are aware of the redemption charges and arrangement fees involved in switching your mortgage."
Top ten mortgage advice drivers in April 2012
1. First time buyer: 39%
2. Remortgage: 30%
3. Buy-to-let: 19%
4. Residential: 19%
5. High loan to value: 8%
6. Self Employed: 8%
7. Equity Release: 4%
8. Sub-Prime: 4%
9. Flexible: 3%
10. Commercial: 1%
