News

LPC Living has welcomed figures released by the Council of Mortgage Lenders which show a 20% increase in the number of first-time buyer mortgage approvals in a month (according to The Telegraph).

In March 2013 a total of 19,100 loans were approved to new homeowners compared to just under 16,000 the previous month. First-time buyer mortgages accounted for 45% of all home loans approved.

Scott Neal, marketing manager for LPC Living, which is owned by the Pervaiz Naviede Family Trust, said “Mortgage approvals are a key indicator of the state of the market as they provide a measure of consumer confidence. The more loans approved, the better the sentiment.

With the Government’s new Help to Buy scheme launching last month requiring just 5% deposit the options for those looking to enter the housing market is extremely promising”.

The report by the CML also identified an increase in higher loan-to-value (LTV) mortgages being offered to first-time buyers who typically find it difficult raising a large deposit.