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Lending to First-time buyers rises to a new high

Wed 15 Feb 2017

Mortgage lending to First time buyers increased in 2016 to a new high since 1974. That's nearly 13% more than in 2015. Lenders lent over 53 billion to first time buyers last year, whilst remortgaging jumped by 20% according to the CML (The Council of Mortgage Lenders).

This rise in activity has been attributed to continuing low mortgage interest rates.

On the flip side of the coin, lending to existing homeowners trading up and down fell by 2%. This is thought to be down in the main to a shortage of stock coming to the market.

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