A slice of beginner’s luck

MORE mortgages were handed out to first-time buyers during 2016 than in any other year since 2007, figures from banks and building societies show. The Council of Mortgage Lenders says 338,900 loans were handed out across the UK to people taking their first step on the property ladder – the highest figure since 2007, when 359,900 loans were advanced.

First-time buyers borrowed a record £53.2 billion last year.

The UK-wide Help to Buy mortgage guarantee scheme closed at the end of last year, but various other schemes continue to run under the Help to Buy banner.