As the property market starts to even out, first time buyers are coming back to the mortgage market after being priced out of the market altogether.
According to My Mortgage Direct the last three months has seen an increase of enquiries from first time buyer of 15 per cent.
Paul Hearnden, managing director said there are similarities in the market to the late 1980s when runaway house prices led friends and family to join forces just to be able to afford to get on to the property ladder.
Mr Hearnden said, "The stability of interest rates and the stagnation of property prices have coaxed prospective purchasers to take the leap into the property market .
"Joint applicants, in particular, are finding themselves much better placed to secure an affordable property and mortgage to suit."
The research shows borrowers are looking to take out high loan-to-value mortgages but must be aware of the extra costs that are always applied.
Mr Hearnden is convinced that even when market forces go against younger house buyers, help will always be available from somewhere.
He added, "Parents remain a reliable pillar of strength for the market, with many people able to draw on the equity they have acquired over the past 20 years to help their children with deposits."
Mortgage broker sees the return of first time buyers
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