First-time buyer mortgage offers rise

10 December 2008

New figures from the Council of Mortgage Lenders show a rise in the number of mortgages offered to first-time buyers in October.

15,400 mortgages were offered to first-time buyers in October, a 15% rise on the previous month.

Meanwhile, total mortgage offers in the month came to 39,900, worth £5.5bn – a 10% rise in value compared with September.

Tight lending criteria have meant that first-time buyers have been particularly affected by a cautious mortgage market in recent months.

A mortgage expert for Think Money commented: “Would-be first-time buyers who have struggled to get onto the housing ladder may be encouraged by this news, although it is by no means a sure sign of recovery in the mortgage market.

“As always, it’s very important that anyone looking for a mortgage seeks professional mortgage advice. The right advice can greatly improve someone’s chances of finding the best mortgage deal.”

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Think Money work with a panel of lenders to offer a range of mortgages. If you are considering taking out a mortgage, contact one of our expert mortgage advisers today.

Tags: council of mortgage lenders, mortgage, mortgages, first time buyer, first time buyers, first time buyer mortgage

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