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.