First-time buyer mortgage figures published

12-Jun-2009

There were 13,500 first-time buyer mortgages dished out in April, according to the latest figures from the Council of Mortgage Lenders (CML).

A statement from the organisation revealed that the loans for first property purchases were worth £1.4 billion overall.

In the corresponding month last year, there were 18,800 mortgages of this type handed out - worth £2.4 billion.

"The average first-time buyer had a 25 per cent deposit (unchanged since February) and borrowed 2.96 times their income (2.99 in March)," the CML commented.

It added that the "slowing rate of decline in these measures" - as well as the recent introduction of some higher loan-to-value products - could suggest an "easing in criteria in coming months' advances".

There was apparently a "modest improvement" in the total number of mortgages lent in April. The Bank of England published data with similar findings at the end of May.

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