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Is Funding For Lending Working For First Time Buyers?

Is Funding For Lending Working For First Time Buyers?

FIRST-TIME buyer numbers are up by almost a quarter year-on-year, lenders said yesterday, amid signs that government efforts to encourage mortgage lending are finally percolating down to people with smaller deposits.

A total of 21,700 loans worth £2.7 Billion (GBP) were made available to first-time buyers in November 2012, one of the highest monthly totals in the last three years, the Council of Mortgage Lenders (CML) said.

These figures mean that first-time buyer numbers were up by 24% compared with a year earlier, and increased by 8% month on month.

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Single-Let And Small Scale Landlords Account For Up To

 80% of All New UK Mortgage Applications.

There has been a large rise in the number of ‘Single-Let Landlords’ (landlords with just one buy-to-let property), and small scale landlords (those typically with less than four properties), over recent months up to November 2012.

Rise In Single Let Landlords Accounts For 80% Of All New Mortgage Applications

Rise In Single Let Landlords Accounts For 80% Of All New Mortgage Applications

This is the result of many new investors being drawn in to the buy to let markets by high rents and increasing yields. Average private residential property rents have risen month on month over the last nine months and it is now estimated that Single Let and small scale Landlordsnow account for approximately 80 % of all new buy to let mortgage applications.

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