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Loan claim: Rise in first-time buyer mortgages

The number of loans approved for first-time buyers has been rising.

This is according to new statistics from the Council of Mortgage Lenders (CML), which said that over 19,000 new mortgages were approved for first-time buyers in March. Compared to February's results, when the number of approved mortgages was 15,900, this is an increase of 20 per cent.

However, this is down from March last year, when buyers rushed to take advantage of the stamp duty holiday.

Nevertheless, the monthly increase in mortgages shows that incentives to spur the property market, such as the Funding for Lending Scheme and the Help to Buy scheme, are working.

Both of these schemes make it much cheaper and easier for first home buyers to take out mortgages. Previously, this group would have struggled to acquire a good deal on a mortgage from a bank, as they are unable to show their credit history.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801585565-ADNFCR

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