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Mortgage market remains stable

28 November 2011

The overall mortgage market shows a stable picture according to new data released by the Council of Mortgage Lenders (CML)

The report showed 48,200 loans were taken out for house purchasers in September, up 3% compared to September 2010.

There were 34,200 remortgage loans advanced (£4.3 billion) in September, which showed a 25% increase on a year ago.

First time buyer activity also rose slightly in September, with 18,200 loans taken out which represented an increase from 18,000 (1%) on August and a rise of 5% compared to a year ago.

This rise revealed a drop in the average size of a deposit, where the average first time buyer is now taking out an 80% loan to value mortgage, compared with a 76% deal in September last year. Affordability also continued to ease with the proportion of income spent on interest payment was down to 12.7% from 13.4% in September 2010.

To discuss your mortgage requirements with one of our independent financial advisers contact 0800 389 9986