Mortgages Direct reports rise in first-time buyers - News at Best UK Mortgages - Friday, 24th June 2005

The mortgages and financial services provider Mortgages Direct has announced a 0.5 per cent rise in first-time buyer borrowing.

First-time buyer mortgage applications now account for 40 per cent of all Mortgages Direct applications, the company said.

It suggests that speculation on falling interest rates has made the private housing market an increasingly popular option for people looking to start out on the property ladder.

Mortgages Direct's latest survey also indicates a growing consumer confidence across the mortgages market, with an eight per cent increase in tracker mortgages from last month.

Peter Gladdy, director of Mortgages Direct, commented: "There is a growing belief that the Bank of England will decide to lower the interest rates in the imminent future."