This week's personal finance news
News
27/07/2010 18:52:51
Professional bodies report rise in mortgage advice demand
Professional bodies are reporting an increase in the number of individuals seeking mortgage advice and one provider attributes this to the market becoming increasingly complex.
Andy Pratt, chief operating officer at mortgage broker Alexander Hall, says it is now more difficult for many home buyers to secure a home purchase loan, claiming this is the reason behind the move towards financial advice.
The property expert suggests qualified advisers are also more likely to provide high-quality guidance, as the bottom end of the market may have been squeezed out by the economic crisis.
Council of Mortgage Lenders figures for May showed both housing loans and remortgaging expanded during the month, with the latter rising six per cent by value and ten per cent by volume.
Individuals seeking first-time mortgages - which may be more difficult to secure than for home-movers - also grew over the period.
Data showed the loans stood at 42,000 in May, up two per cent on the preceding four weeks and eight per cent higher than the same time in 2009.
