First-time buyers' mortgages may rise as mutuals lending up 19%

29-Jul-2010

Published by Joshua Scott

First-time buyers' mortgages could become easier to secure, as recent data shows house-purchase loans granted by mutuals rose 19 per cent in June.

Reluctance to lend may have made first-time buyers' mortgages hard to access without a sizeable contribution from the would-be home owner, but data from the Building Societies Association (BSA) showed the net value of mortgages last month rose to £1,798 million, up from £1,507 million in May.

Adrian Coles, director-general of the BSA, described the news as "a positive indicator" and welcomed increased activity in the sector as more loan approvals are granted.

Those seeking first-time buyer advice might have been told to explore alternatives such as shared-equity mortgages, in order to join the bottom rung of the ladder as easily as possible.

Data released today (July 29th) by the Bank of England is in line with building society figures, showing total lending to individuals rose by £0.6 billion in June.

FirstRungNow will lead you through the first time buyers mortgages maze with first time buyer best mortgages and mortgage advice on tap.

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