21 Apr

'Many FTBs' in search of mortgage advice

'Many FTBs' in search of mortgage advice

A considerable number of first-time buyers (FTBs) were seeking mortgage advice last month, it has been claimed.

According to unbiased.co.uk's latest Advice Drivers report, such people made up 40 per cent of all enquiries concerning home loans in March.

This was higher than the 28 per cent recorded for those looking for tips on remortgaging.

The price comparison site suggested that the government's decision to raise the stamp duty threshold to £250,000 for FTBs is one factor contributing to the trend.

Designed to stimulate the market, the move - which was put into effect by chancellor Alistair Darling immediately - saw the cut off point rise from its previous level of £125,000.

Unbiased.co.uk chief executive Karen Barrett remarked: "Since the start of the year, [the] Advice Drivers report has shown that FTBs are seriously looking into getting their foot on the property ladder."

She added that people seeking to take this step should implement careful planning and research.

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