14
May
'A good environment' for first-time buyers
First-time buyers and home movers are currently benefitting from
"the lowest debt servicing costs since 2004".
In addition to interest rates being at a record low of 0.5 per
cent, there are apparently a number of positive signs from the
Council of Mortgage Lenders' (CML) most recent research.
Bob Pannell, head of research at the CML, said the latest survey
from the group shows "good news" for those who can raise the money
for mortgage deposits, but there is a "sharp line" between people
who can find the cash and those who cannot.
"For those who can, the burden of debt payments is low and mortgage
interest is consuming proportionately less income than for a number
of years," he explained.
These comments come after the CML revealed that house purchase
lending accounted for 35 per cent of all home loan activity in
March - four per cent up on February's figures and the highest
proportion since December 2007.
