Data from the Council of Mortgage Lending show first time buyers are driving the market with lending up 25% to £5.5 billion over a year.
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Category Archives: Mortgage Affordability
For first time buyers the top ten least affordable homes are all located in London with the highest deposits paid, says the Halifax.
Lending to home movers increased by £800 million or higher by 18.6% for the month as other buyer types lag behind during May.
Homeowners borrowed £13.8 billion in March an increase of £5.1 billion and the highest monthly amount since August 2007.
The upper age limits for homeowners to be accepted for a mortgage have been increased by the Nationwide to 85 to meet Britain’s aging population.
The Equity Release Council reports biggest quarter for homeowners borrowing from their property with £393 million of mortgages.
Figures from the CML estimate a 30% rise in mortgage lending over the year as homebuyers seek to complete before the April deadline.
Proposed changes to international banking rules for assessing credit risk would be detrimental to residential and buy-to-let mortgages.
Data from the Halifax shows house prices in the UK have decreased by 1.4% for the month to February although over the years prices remain 9.7% higher.
The CML has said homebuyers are stretching their finances by selecting mortgage terms of greater than 25 years to afford their homes.