First-time buyers are on the increase

Online mortgage broker, My Mortgage Direct (MMD) finds the knock on effect has seen an increase in applications from homeowners moving up the property ladder, up from 15% at the beginning of the year to 35% at the end of the second quarter, having peaked at 48% last month. MMD however points out a "potentially disastrous" interest only mortgage figure, currently standing at 37%, and showing no movement since the start of the year. Paul Hearnden, managing director at My Mortgage Direct, says continued stability of interest rates in conjunction with a housing market that has not "nosed d...