Higher mort­gages for new buy­ers

Yorkshire Post - Property - - PROPERTY -

THE num­ber of first-time buy­ers reached its big­gest yearly to­tal in five years, ac­cord­ing to data from the Coun­cil of Mort­gage Lenders.

A to­tal of 216,200 first-time buy­ers be­came homeowners in 2012, the first time the an­nual to­tal has ex­ceeded 200,000 since 2007.

There was also a mod­est but dis­cernible in­crease in lend­ing at higher loan-to-value ra­tios in the last quar­ter. While the av­er­age loan-to-value (LTV) ra­tio stayed at 80 per cent, where it has been for two years, it masks some en­cour­ag­ing move­ment in higher LTV. One in 40 first-time buy­ers took out a 95 per cent mort­gage com­pared with fewer than one in 100 a year ear­lier. And about one in five first-time buy­ers bor­rowed 90 per cent or more.

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