14 May

'A good environment' for first-time buyers

'A good environment' for first-time buyers

First-time buyers and home movers are currently benefitting from "the lowest debt servicing costs since 2004".

In addition to interest rates being at a record low of 0.5 per cent, there are apparently a number of positive signs from the Council of Mortgage Lenders' (CML) most recent research.

Bob Pannell, head of research at the CML, said the latest survey from the group shows "good news" for those who can raise the money for mortgage deposits, but there is a "sharp line" between people who can find the cash and those who cannot.

"For those who can, the burden of debt payments is low and mortgage interest is consuming proportionately less income than for a number of years," he explained.

These comments come after the CML revealed that house purchase lending accounted for 35 per cent of all home loan activity in March - four per cent up on February's figures and the highest proportion since December 2007.

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