FTBs ‘running scared’

FTBs ‘running scared’

Friday, January 11, 2008

The amount of money FTBs are willing to commit to mortgages has fallen, according to the CML…

First-time buyers typically borrowed 3.33 times their income, a figure that has fallen each month from a peak of 3.39 in August. Home movers typically borrowed 3.02 times their income, a figure which has remained steady since a peak of 3.04 in August.

The proportion of borrowers taking out fixed-rate mortgages fell for the fifth successive month to 65 per cent, from 68 per cent in October and a peak of 77 per cent in June, as borrowers continued to anticipate future base rate falls. In the coming months, this trend away from fixed rates is likely to continue with the expectation of further rate reductions in early 2008.

Gross lending totaled £30bn in November, down 10.4 per cent from £33.5bn in October, and 9.6 per cent from £33.2bn in November 2006. CML director general Michael Coogan commented "At a time of global market uncertainty, business levels in the mortgage market are holding up reasonably well in the UK despite funding constraints.

"As the ‘credit crunch’ has affected businesses in different ways, this fragmentation of approach by different lenders should be expected until the market returns to more normal conditions later this year."

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