First-time buyer lending up 46%, CML says

The number of mortgages advanced to first-time buyers in July increased by 41% compared to a year ago. In July, 25,300 mortgages worth £3.5bn were advanced to first-time buyers. By value, first-time buyer lending was 6% up on June and 46% up on July last year. According to figures from the Council of Mortgage Lenders, the typical first-time buyer loan size remained almost unchanged from June at £117,038. Also, the average first-time buyer household income increased to £36,142 from £35,873 in June. Mortgage affordability improved marginally in July compared to June. First-time buyers in July borrowed 3.31 times their income and this compared to 3.33 in June.  Another interesting statistic shows that mortgage repayments accounted for 19.2% of income, down from 19.3% in June. September 13, 2013