First-time buyers return to the market

June saw the highest number of mortgages taken out by first-time buyers for ten months, it has been revealed.

Figures from the Council of Mortgage Lenders CML show that there were 18,100 home loans taken out by new property owners with a total worth of £2.2 billion.

This figure is 24 per cent higher by volume and 29 per cent higher by value than May's statistics.

Some 63 per cent of borrowers took out deals with fixed mortgage rates, compared to 60 per cent in the first quarter and 46 per cent year on year.

"Whilst there are clearly financial uncertainties ahead, it is encouraging to see more house buyers surfacing at the start of summer. Recent increases in Bank of England approvals figures also show that more completions are expected in July, so the more encouraging numbers may persist," said CML director general Paul Smee.

However, Which? today August 10th revealed that seven in ten homeowners are worried about their mortgage rates.

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2011-08-10 16:47:49 © Moneyextra.com