Mortgage lending increases during March
The new figures from the CML are that loan deals increased up to 31,000, up by 29 per cent in March.
The increase accounted for 40 per cent of first time buyers and they borrowed three times their income and managed to raise deposits which rounded to 25 per cent of the value of the property.
This clearly shows that first time buyers are now holding on to their money and spending on what is highly essential, such as a mortgage deposit.
Bob Pannell from the CML commented further: ‘While there are some signs of demand increasing, house prices remain weak and lending criteria inevitably remain inherently conservative as lenders necessarily seek to rebuild their capital position".
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