Aspiring homeowners to boost mortgage lending

12-Dec-2005

The number of aspiring homeowners taking out mortgage agreements will rise as more people look to get on the first rung of the property ladder.

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Growing interest in the housing market will boost lending figures over the next few years, says the Council of Mortgage Lenders (CML).

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Despite previous predictions that lending levels would remain constant, new research indicated they will be boosted as first time buyers take advantage of competitive deals and stabilised prices.

"Huge benefits have been delivered to UK consumers as a result of the activities of the mortgage industry," explained Stuart Bernau, chairman of the CML.

"We are set fair to continue this over the next few years, and build upon our successes."

Mr Bernau agreed that the current range of deals was helping to encourage more aspiring homeowners but said that it was vital for the government to ensure that economic conditions were suitable for lenders to maintain "sustainable consumer benefits".

Lenders which have signed up to the new mortgage deal outlined by in the pre-Budget report last week, under which buyers only have to take out a 75 per cent mortgage, are also expected to see an increase in future lending figures.

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