In December 2015 first time buyers borrowed £4.5 billion for house purchases - that’s up seven per cent on November and 18 per cent on December of 2014.
This totalled 29,300 first time buyer loans in December 2015 says the Council of Mortgage Lenders. First time buyer borrowing is not at its highest since 2007.
During the final month of last year, home movers in general borrowed £6.6 billion, up two per cent on November and 20 per cent year-on-year. This totalled 33,400 loans.
Meanwhile remortgaging was down 16 per cent by both volume and value compared to November - although it was up 14 per cent compared to the previous December, 2014.
Responding to the data, Anderson Harris mortgage broker director Jonathan Harris says the plethora of mortgage deals at high loan-to-values, combined with government schemes such as Help to Buy, make it easier for first time buyers than for some time.
“Confidence is also high among borrowers more generally. They have good reason to believe that interest rates are likely to remain low for many months to come and with plenty of cheap competitive mortgages to attract them, many believe that now is a good time to borrow or remortgage” he says.
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Cheap?? Mortgage lenders are once again making money hand over fist due to the low rate, and paying nothing out to customers. Happy days!!
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