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First-time buyer Mortgages at five-and-a-half-year high

The amount of mortgages approved for first-time buyers has risen to the highest level recorded in the last five-and-a-half years, according to the Council of Mortgage Lenders (CML).

Since the recession in 2008, getting on the property ladder has been a hard task for first-time buyers, with lenders asking for higher deposits and increasing rates. However, Government schemes introduced in the last 12 months have given a new lease of life to the market, by making credit cheaper for lenders, who can in turn pass this onto the consumer.

This is apparent when looking at the results from May 2013, compared to those of may 2012. According to the CML, a total of 25,000 first-time buyers were approved for a mortgage in May 2013, an increase of 42pc compared to May 2012.

Paul Smee, director general at the CML, said: “Although monthly lending is still running at far less than half its typical monthly lending level during the peak, there is no doubt that the mortgage market is firmly open for business.

“Both the borrowing appetite of first-time buyers, and the availability of attractive mortgages for them, have improved markedly since a year ago”

The Government scheme credited with much of the success, Funding for Lending, has now been in operation since August 2012, and another scheme aimed at boosting the market, Help to Buy, was announced at this year’s budget. For more information on either, or to make an inquiry about taking out a mortgage, please contact one of our advisors.

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