Mortgage lending picks up, but fewer first-time buyers - Business News, Business - The Independent

Mortgage lending picks up, but fewer first-time buyers - Business News, Business - The Independent

Mortgage lending picked up in July, according to figures from the Council of Mortgage Lenders (CML). The overall value of mortgage lending increased to £7.3bn from £6.9bn in June. In volume terms 48,800 were signed, up from 37,800. The value of mortgages extended to first-time buyers also increased, to £2.3bn from £2.2bn in June.

However, the number of loans to first-time buyers fell to 18,200 from 18,500 the previous month. The lending criteria for new mortgage borrowers also remain strict. The average deposit required remained at 20 per cent in July. The multiple of income that first-time buyers can borrow is also shrinking. They typically took out a loan worth 3.18 times their income in July, down from 3.22 in June.