Lending to first-time buyers rises

Press Association
First-time buyers took out 26,800 mortgage in May
First-time buyers took out 26,800 mortgage in May

%VIRTUAL-SkimlinksPromo%Mortgage lending to first-time buyers increased to its strongest level since 2007 in May despite the introduction of stricter rules around the way home loans are handed out, figures from banks and building societies show.

First-time buyers took out 26,800 mortgages worth a collective £3.9 billion in May, marking the biggest number of loans advanced to people taking their first step on the property ladder since November 2007, according to data from the Council of Mortgage Lenders (CML).