Lending to First Time Buyers (FTB’s) up 34% on 2012 figures

According to the latest data from the Council of Mortgage Lenders, lending to first time buyers totalled 23,600 loans in September, an increase of 34% compared to September 2012.

These loans totalled £3.3bn in value which was a 50% increase by value on September last year.

First time buyers – numbers increase

Overall in the third quarter of 2013, 74,800 loans were advanced to first time buyers, which had a value of £10.4bn. This was an increase of 16% from 64,500 loans in the second quarter of 2013 and an increase of 34% from 56,000 loans in the same period in 2012.

The typical income multiple continued an upward trend with first time buyers typically borrowing 3.39 times their gross income. ¬†Despite this, the continued downward drift in mortgage interest rates have kept borrowers’ payment burden low.

Post courtesy of Financial Reporter.