First-time mortgages 'top £120,000'

The typical mortgage taken out by a first-time buyer reached a record high of £121,500 in April, banks and building societies have reported.

The Council of Mortgage Lenders (CML), whose figures go back 40 years, said that the affordability of a loan by people taking their first step on the property ladder also "worsened fractionally", with this sector typically borrowing 3.42 times their gross income compared with a multiple of 3.41 in March.

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