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The lowest mortgage costs since 2004

Both Home owners and first time buyers are benefiting from the lowest cost of borrowing money to own a home since 2004, the latest lending survey from the CML (Council of Mortgage Lenders) has revealed.

Remortgages accounted for accounted for the highest number of loans in March, and was 8% higher than in February. This may seem positive but that figure was still 45% lower than in March 2008.

House purchase (people moving home) made up 35% of all mortgage lending in March, this figure encouragingly was up 31% in February. This is the highest level of new mortgages for home purchase customers since December 2007.

First time buyers accounted for an increasing share of the purchase market a figure of 40% of loans, this was up from 38% in February. The number of first time buyers grew to 12,500, up from the 9,200 in February but significantly lower than the 17,800 recorded in March last year.

These are encouraging signs for the mortgage market but still way off the peak we have seen in previous years, as the requirement of large deposits will hamper many stuck in negative equity from re mortgaging to an attractive rate.

15 May 09

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