Young buyers undeterred by MMR

The age of the average buyer looking for a mortgage dropped to 36.9 in April, the lowest since September 2010.

Brian Murphy, head of lending at Mortgage Advice Bureau, said: “It’s a promising sign that confidence appears unshaken among younger borrowers.

“We have seen the average age of buyers seeking a mortgage slowly falling over the last 12 months, which is a symptom of greater opportunity and movement in the market.”

Remortgaging was hit hard during the run up to MMR, with applications dropping by 12% in April, although the average value of remortgaged property increased by 6% from March to £299,375.

Purchase and remortgage activity still stood 29% higher year-on-year however.

Promisingly for brokers product ranges are increasingly favouring them, as since February intermediary products have increased by 646 while direct products have fallen by 171, representing a 7% swing.

Murphy added: “A degree of slowdown was inevitable in the run-up to MMR, particularly given the exceptionally busy start to 2014.

“MMR has made getting advice an integral part of securing a mortgage, and we are already seeing the consequences with a significant shift in the focus of new products from direct to intermediary channels.

“With lenders targeting different consumers and taking different approaches on affordability, seeking a view on products from across the market will become the best way to find one that suits your needs.”