Requests for sub-prime mortgage advice rises

People searching for whole of market advice on sub-prime mortgages have leaped, increasing from 3% in September to 7% in October, according to figures from Unbiased.co.uk. This is an all time high of enquiries since Unbiased.co.uk's ‘find a mortgage adviser' search launched at the end of August 2008.

The top most searched for criteria continues to be first time buyer enquiries, with 38% of total enquiries.  This is a drop from 43% in September and it may show that first time buyers could be holding off until the New Year to start their property search.

The second most searched for criteria was re-mortgage advice.  This has increased slightly from September 2009, to 29%, but levels have remained steady over the past three months.

Karen Barrett, chief executive of Unbiased.co.uk, commented: "The increase in those searching for advice from whole of market mortgage advisers on sub-prime mortgages points towards a squeezed market for those borrowers.  While an increasing number of mainstream mortgage deals are slowly appearing back onto the market, the sub-prime market remains slow, and these borrowers are therefore scoping out options through which they can access new deals.  Only through seeking whole of market mortgage advice can they be sure to get access to deals across the whole of the market, and ensure they arrange a deal which is affordable to them for both the short and long term.  Those wishing to find a mortgage adviser to get the best possible advice for them can carry out a free and confidential search at Unbiased.co.uk."