Aspiring homeowners boost lending levels

30-Dec-2005

Latest figures show that overall mortgage lending in November almost reached record levels, with an increasing number of buyers taking out related loans.

To find out more about creative mortgages designed specifically for first time buyers click here

In total, lending for house purchases increased by 51 per cent last month compared to the same time last year, making it one of the highest amounts on record.

To get a quote for a shared ownership mortgage click here

Confirmed by the Major British Banking Groups, the figures show that, despite concerns over first time buyers being priced out of the market, aspiring homeowners are finding a way to purchase their new properties.

"Robust overall mortgage lending and approvals data indicate that housing market activity continued its recent firmer performance in November," Howard Archer,chief UK economist at the Global Insight consultancy, commented.

November saw around 192,927 mortgage approvals, valued at £19.1 billion, while the average amount approved grew to £130,800.

Aspiring homeowners are taking advantage of different routes onto the first rung of the property ladder, benefiting from competitive mortgage deals, shared ownership schemes and help with raising a deposit.

Click here for further information on finding a deposit

Click here to find out about the finances of borrowing with friends, i.e. to find out how much you can borrow together and what it will cost you

If you want to post your comments on today's news in the FirstRung Forum click here

2008: Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar