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Tuesday, August 12, 2014

First Time Borrowers Keep Borrowing

Despite the dire warnings about the cooling of the property market, in London at least, it seems that first time buyers are still desperate to borrow money to buy a house.

The Council of Mortgage Lenders (CML) recorded the highest number of loans (28,600) lent to first time buyers this June, since December 2007. This is an increase of 7.1% since May.

The amount borrowed in June was £4.2BN, up from May's figure of £3.8BN.

At some stage the  market will cool and rates will rise, the issue will then be can these borrowers keep up with their mortgage payments and are they in a position of negative equity?

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