First Time Buyer Numbers Up Third

First Time Buyer Numbers Up Third.

The Council of Mortgage Lenders (CML), the representative body for all the major mortgage lending firms in the UK, has released combined figures from its members that mortgage lending to first time buyers shot up by a third in August.

Over 27,000 first time buyer mortgage deals completed in August, up 33% for the same period August 2012.

The mortgage market is getting busier as confidence to buy property returns as well as lenders now focussing on the first time buyer market with lower deposit mortgage deals and the Government’s Help to Buy Loan scheme where up to 20% of the purchase price can be borrowed from Government at zero interest rates for the first 5 years.

Comment

We have seen more clients coming to us for mortgage advice and when dealing with mortgage lenders, we are also experiencing falls in service standards as many lenders clearly have not adjusted their staffing numbers to support those new mortgage lending departments.

Add to this, the Government bringing forward by three months the Help to Buy Insurance scheme for all borrowers on any property with higher loan to value requirements, we see the property bubble of boom and bust definitely being back on the agenda over the coming 5 years.