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Number of new mortgages continues to grow

12 Aug 2014

The Council of Mortgage Lenders (CML) has released figures showing that lending to first-time buyers hit at a seven-year high in June this year.

According to new data, there were 28,600 first-time buyer loans in June an increase of 7% on May, and 19% on the same month in 2013. The number of mortgage loans to home movers also increased to 31,900, a yearly growth of 11%.

A further breakdown of the figures for first-time buyers shows that they are typically borrowing 3.47 times their gross income up from 3.46 times in May. The average gross income of a first-time buyer household was 37,000 in June, with a mortgage loan of 123,865.

The average age of these first-time buyers fell from 30 to 29. The overall amount borrowed in June reached 4.2 billion, up from 3.8 billion on May. CML figures show that total mortgage loans currently in the UK are amount to over 1.2 trillion.

The full report can be viewed here.