Lenders see ten-month high in first-time buyer mortgages

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Lenders see ten-month high in first-time buyer mortgages

June 2011 saw the highest number of first-time buyer (FTB) mortgages awarded since August 2010, according to latest figures from the Council of Mortgage Lenders (CML).

Around £2.2 billion was loaned to FTBs, with this number representing a 24 per cent increase in volume since May 2011. However, the actual number of FTBs was exactly the same as in August last year, but eight per cent lower in volume and value than in June 2010.

The number of changes to fixed-rate mortgages, as well as the amount of changes to existing rates in recent months, seemed to have an effect on homebuyers as the popularity of fixed-rate loans continued to rise, with 63 per cent choosing a fixed rate compared to just 46 per cent in the same period in 2010.

"Whilst there are clearly financial uncertainties ahead, it is encouraging to see more housebuyers surfacing at the start of summer," commented CML's director general Paul Smee.

Mr Smee added that with the Bank of England recording increased approval ratings for July, there is a possibility that the "encouraging numbers may persist".

The news follows the publication of statistics from Halifax that indicated the number of districts across the UK with affordable housing is at its highest since 2003.

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