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Loan claim: Five year high for first-time buyer loans

The amount of loans agreed with first time home buyers has increased to the highest level seen for five years, a report has revealed.

According to the Council of Mortgage Lending (CML), the value of loans for first time buyers in February had gone up by 17 per cent compared to the same month in 2012.

This was before chancellor George Osborne announced his new Help to Buy Scheme in the Budget.

Under this scheme, the government will act as a guarantor for some mortgages and will also be offering interest free mortgages for up to 20 per cent of a property’s equity.

CML director general Paul Smee explained that he hoped the new Help to Buy Scheme will encourage more first time buyers.

Some first time buyers may have been helped by the government’s Funding for Lending Scheme, which saw money invested in major banks that would then be lent more freely to home buyers and small businesses.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801572122-ADNFCR

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