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Rise in first-time buyer mortgage applications

What’s more, first-time buyers appear to be hedging their bets on interest rates, opting primarily for two or sometimes three-year fixed rate mortgages.

A smaller number have chosen two or three year tracker mortgages.

David Miles, Managing Director of haart Financial Services, said: "It is extremely pleasing to see an increase in the number of first-time buyers looking for mortgages, particularly given the well-documented problems this sector of the market has experienced of late accessing finance.

"First-time buyers are a key component of the mortgage market and the increase is a clear indication of the increasing willingness among lenders to support their efforts to get onto the property ladder."

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