Number seeking mortgage advice up by 24%

It has been revealed that in the first half of 2010 there was a near 25% increase in the number of people seeking mortgage advice before deciding whether to dip their toe into the property market. Historically the mortgage market has been fairly straightforward and independent financial advisers have often been overlooked in favour of "straightforward" mortgage arrangements. However, the onset of the credit crunch, the recession, the property downturn and a lack of competition in the mortgage market has seen more and more people turn to professional advisers for help.

This comes at a time when the UK property market is under pressure and indeed many experts believe we could see a significant fall over the next five years. However, slowly but surely we have seen some competition returning to the mortgage market over the last few weeks which is obviously a positive sign for the immediate future. Whether or not those taking advice from mortgage professionals will actually go through with their intentions to acquire property in the UK remains to be seen.

Ironically we could see an increase in competition in the mortgage market at a time when the UK property sector is in danger of stalling. If we had seen this improvement in competition only a few months ago then possibly we might not be in the difficult situation we are faced with today.