14 Dec

Q3 sees rise in value of mortgages given to homebuyers

Q3 sees rise in value of mortgages given to homebuyers

The value of mortgages lent out to people looking to purchase properties for sale in the UK rose in the third quarter of the year, a report has found.

According to the Financial Services Authority's (FSA) Mortgage Lending Data, released today (December 14th 2010), the value of outstanding loans amounted to £1.22 billion during the three-month period.

This represents an increase of nearly one per cent compared with the previous quarter.

The findings also showed that new advances totalled £41 billion, which is an increase of 12 per cent from Q2 of 2010.

People who took out mortgages with a loan-to-value of more than 90 per cent accounted for just two per cent of these new advances, indicating that first-time buyers are opting for products which command higher deposits.

Last month, the FSA proposed changes to the mortgage market in an attempt to improve opportunities for homebuyers and ensure that each loan is "'appropriate' for the customer's needs".ADNFCR-1222-ID-800291356-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.