First-time buyer mortgage approvals up 20%

First-time buyer mortgage approvals were up 20 per cent in June, indicating now could be the perfect moment to place a foot on the first rung of the property ladder...

Council of Mortgage Lenders' latest data reveals the net number of approved house purchase loans during the month increased by 19 per cent compared with May, representing a 14 per cent rise on the same period in 2009.

But first-time buyer mortgages might be the easiest to secure, as this group rose 20 per cent over the four weeks and was 12 per cent higher than June last year.

The total value of first-time buyer mortgages was also up 26 per cent in June, both compared with the previous month and the same period in 2009.

This could indicate first-time buyers are more able to secure higher-value home purchase loans, as financial providers regain confidence in the lending market.

Louise Holmes, a spokeswoman for Moneyfacts.co.uk, commented on the figures: "First-time buyer mortgage rates have fallen over the past six months and it is understandable they are using this as a window of opportunity."

Source: www.firstrungnow.co.uk