Tag Archives: first time buyer

Rise in mortgage lending may only be temporary say CML

April 17, 2012

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The CML (Council of mortgage lenders) have spoken of a mortgage lending rise in February.

In February last year mortgage lending for house purchases were down 17% on January this year (in January loans rose by 4% to 36,600).

First time buyer loans have also taken a rise, up by 8% in Januaty to 14,100. Making that 18% up on last year.

 The CML (Council of mortgage lenders) have spoken of a mortgage lending rise in February.

The CML (Council of mortgage lenders) have spoken of a mortgage lending rise in February.

The director general of CML has warned however that this rise in loans may only be temporary.

He said: “It is encouraging to see the continuing year-on-year improvement in house purchase lending.

“However it is not clear whether the end of the stamp duty concession will lead to a falling off in first-time buyer numbers and how much this may be offset by the government’s New Buy scheme, available to all buying a new build property.”*

Lending and sales are still far behind those before the banking crisis in 2008, they may even fall behind in activity again even with the New Buy scheme.

*Quote from BBC News

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First time buyer numbers are picking up

February 13, 2012

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By the end of 2011 the number of mortgages for first-time buyers that were agreed rose according to the CML (the council of mortgage lenders).

The BBC has reported that there were 18,700 home loans for first-time buyers in December, making a 7% rise from November and 14% up on December 2012*

CML have released the percentages of mortgages for home buyers, in 2011 these fell by 6% to 509,500 of agreed mortgages. They also said that first time buyers may be making the most of the 1% stamp duty holiday.

"With the eurozone problems still rumbling on, however, we believe there is still a real risk that this year's lending levels will be lower than those seen in 2011."

“We have been expecting a flow of first-time buyers on to the market, as the stamp duty exemption ends in March, and December’s figures appear to show this has now begun,” said Paul Smee, the CML’s director general.

“With the eurozone problems still rumbling on, however, we believe there is still a real risk that this year’s lending levels will be lower than those seen in 2011.”*

*Quotes from BBC

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Revealed in a new study the average age of first time buyers

January 26, 2012

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Two of the largest banks in the UK have looked into their applications for mortgages and have found the average age for first time buyers at this moment in time to be 30.

The two banks, Clydesdale and Yorkshire banks are part of the few lenders in the UK that still offer 95% mortgages to first time buyers.

  • 33% Under 25
  • 32% Between 26-30
  • 16% Between 31-35
  • 9% Between 36-40
  • 11% Over 41
 Fewer first time buyers are able to afford to get a mortgage and the ones who can are changing their insurance policies to landlord insurance so they can let out their homes and make money.
 Steve Reid, retail director for Clydesdale Bank has said:
“We remain committed to supporting first time buyers and have a range of competitive products to help them throughout the process. We are proud that we are helping buyers of all ages to buy their dream home and take their first step on the property ladder.”*
*Quote from Simple
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