Brian Murphy, head of lending at Mortgage Advice Bureau (MAB), comments on the latest CML regulated mortgage survey data:
“The best news from the CML is the four year high in the proportion of first-time buyers accessing loans with a deposit of 10% or less. Competition under the Funding for Lending Scheme (FLS) has prompted lenders to improve their offers higher up the loan to value (LTV) curve, opening up the market to borrowers without a large deposit and making it easier to achieve their homeowning ambitions.
“First quarter activity has held up remarkably well given last year’s added incentive of the stamp duty holiday. Without this extra boost, this year’s comparatively healthy figures are an encouraging sign of the improving market for first time buyers in 2013.
“The battle among lenders for bigger volumes has continued to fuel consumer choice, with nearly 2,000 more products available on average in March 2013 compared with March 2012 (9,269 vs. 7,592). Brokers have a crucial role to play in identifying the best deal for each person’s circumstances, so it’s encouraging to see more borrowers turning to expert advice.”