First-time buyers could benefit from 8% rise in lending

29-Jun-2010

First-time buyers may be among those who contributed to an eight per cent increase in house purchase loans by mutual lenders in May.

Joint ownership options could have made it easier for first-time buyers to access the property market.

According to the Building Societies Association (BSA), mortgage lending by building societies and mutually owned banks in May stood at £1,508 million.

However, the group's June survey found less than half of people think now is a good time to buy property, fearing it would be too difficult to save for a deposit.

Joint ownership could significantly reduce the amount individuals need to raise to secure a first-time mortgage and can share the risk of buying a home.

Adrian Coles, director general of the BSA, notes while mortgage lending by mutuals was up last month on April, "confidence in the housing market remains relatively subdued".

Increased house purchase lending is in line with figures released today (June 29th) by the Bank of England, which showed loans to individuals rose by £1.5 billion in May.

FirstRungNow is the top spot for first time buyers where you can find out all about first time buyers options, first time buyer mortgages and get first mortgage advice.

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