Lending figures 'good for first-time buyers'

15-May-2009

The latest lending figures from the Council of Mortgage Lenders (CML) have been described as "good news" for first-time buyers.

Bob Pannell, head of research at the CML, said there is a positive situation for those who can afford to get their first property because they can benefit from "the lowest debt servicing costs since 2004".

However, he indicated that there is a "sharp line" between those who can afford to finance a property and people who are unable to do so.

His comments come after the CML revealed that 35 per cent of all lending activity in March was conducted for property purchases.

"For those who can, the burden of debt payments is low and mortgage interest is consuming proportionately less income than for a number of years," Mr Pannell explained.

Anyone who has become a first-time buyer in the last 18 months, and was able to pick up a tracker mortgage, is likely to have seen their monthly repayments drop in line with the falling interest rate during that period.

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