14
Dec
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".