First-time buyers (FTBs) are having problems getting on to the housing ladder at the moment due to the situation in the mortgage market, it has been suggested.
According to broker Peter Cowell of Click n go Mortgages, those not looking for shared equity or shared ownership deals are becoming disillusioned because of how tough it is to obtain the loans.
“It is very difficult for a first-time buyer to buy with a very limited deposit,” he remarked.
Mr Cowell suggested that this may have contributed to recent falls in the number of enquiries from FTBs, although he pointed out that enquiries about shared equity deals are on the up.
“People are understanding and being aware that there is a very good alternative for them,” he remarked.
While FTB enquiries have fallen, the number of people seeking information about remortgages has risen, Unbiased.co.uk revealed this week. It found enquiries about this type of secured lending reached their highest level in June since December 2008.
By Chris Trimble