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Records have overloaded on First-time buyer mortgages

13/02/2007

The Council Mortgage Lenders (CML) revealed that First-time buyers overloaded themselves to recorded data measures with their mortgages decemebr period. Homeowners borrowed an average 3.31 times what they are earning.

Figures estimated that 17.9 per cent of spendings that homeowners are making is being made towards paying the mortgage repayment.

First-time buyers have passed the threshold on the stamp duty fee, 41 per cent of first-time buyers who are buying homes under £125 thousand pounds last decemebr were saving this tax fee.

From November to Decemebr CML found out that gross mortgage lending decreased 14 per cent, however at £28.6 billion secured loans was at the top point Decemebr period.

CML director, Michael Coogan spoke further, "The monthly figures clearly show the cumulative effects of the gradual worsening in affordability for first-time buyers - and the ever-rising proportion of them who are caught by stamp duty."

In the year 2006 two thirds of mortgages were Fixed-rate mortgages. CML investigates, though it summed extra the changes of coming rates and the total of Variable and Fixed rate deals may decrease and become un popular.


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