Lending 'up to Scottish first-time buyers'

26-Nov-2009

There has been an increase in the number of Scottish first-time buyers stepping onto the first rung of the property ladder, according to new figures.

During the third quarter of the year, purchases of first properties rose by 25 per cent, the Council of Mortgage Lenders (CML) reported.

Some 5,400 first-time buyer mortgages were approved in the three months ending in September, which was up from 4,300 in the previous quarter.

On average, homebuyers borrowed 73 per cent of the property's value, according to the CML statistics.

Furthermore, it was noted that affordability has eased north of the border, with borrowers typically having to commit 11.9 per cent of their income to pay for the mortgage, down from 12.4 per cent in the previous three months.

Commenting on the results, CML Scotland policy consultant Kennedy Foster said these results are demonstrative of the recovery of the country's housing market.

"It is encouraging to see a bounce back in first-time buyer activity," he said.

"Our expectations are for a slow recovery in the mortgage market across the UK as the economy gradually revives."

First-time buyers may be prompted into buying action this winter following the advice of Katie Tucker, of mortgageforce, who pointed out that prices could dip in the colder months.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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