House-hunters are finding it increasingly difficult to find the right mortgage deal that is suited to their specific needs and requirements.
After the global economic recession, the mortgage lending market has become more complex, according to an industry expert.
This has resulted in more and more people seeking out expert advice from mortgage brokers in order to ensure that they are making the right decisions, noted Alexander Hall.
Andy Pratt, chief operating officer at Alexander Hall, said that consumers may be misled to believe that securing a mortgage was a straightforward procedure owing to the reduction in the number of lenders and products available on the market.
He said: "On the surface, you can look at the mortgage market with less lenders around and you can think to yourself as a customer that it is quite a simple thing now to be able to go and decide what is the right mortgage for you.
"But the reality is that it is actually more complicated because the likelihood of acceptance on the criteria is tougher."
The changes that have affected the mortgage lending market in the aftermath of the recession have also had the positive effect of raising the standards of services and advice meted out to clients, Mr Pratt added.
According to recent statistics made public by unbiased.co.uk, there has been as 24 per cent rise in the number of potential homeowners seeking out expert advice from mortgage brokers.
It was also revealed that the website received 45,000 enquiries regarding mortgage advice in the first half of 2010, with most of these queries coming from first-time buyers. In comparison, the site had received only 36,000 enquiries the year before.
The number of loans sanctioned for house purchases rose slightly in May, according to data published by the Council of Mortgage Lenders.  |
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