Mortgage Lending Up 4% - CML

adr0ck

nice to see average multiples below 3x

First-time buyers typically borrowed 2.95 times their income, down from three times in January. The average first-time buyer loan was £95,000, down from £97,000 in January and £114,000 in February last year.

Really2

ad9898 wrote: »

I guess people never learn, they are missing out on probably the best long term fixes that will ever likely to exist within the next couple of decades, yet .

They may not have had a choice with falling LTV. But I think there is still plenty of time to jump on to a new product if need be.

I think you can now get a 4.19% 5 year. IR are not going up in the short term I think for many the wait and see policy may be better in the current climate.
EG paying back capital faster on a lower rate instead of fixing on a higher when things are still uncertain. shorterm servival is more of an issue in a recession so low expenditure is most probably wise.

mbga9pgf

I wont. Deflation till mid 2010 and I have my eyes on a wonderful 4.89% 10 year fix with Britannia.

ad9898_3

adr0ck wrote: »

nice to see average multiples below 3x

First-time buyers typically borrowed 2.95 times their income, down from three times in January. The average first-time buyer loan was £95,000, down from £97,000 in January and £114,000 in February last year.

Oops, I thanked your post before fully taking in the fugures described, are FTB'rs really earning £32200 p.a ?, seems a pretty high figure.

chucky

SingleSue wrote: »

24,300 may be higher than 23,400 but the actual amount loaned over the difference is the same.....3.1 billion.

So no extra money loaned out than last month.

which means that more houses are being sold (for a cheaper price) - it's obvious now to doomers that the market is becoming more liquid which can onlt be good news.

it has way to go for it be 2007 levels

mbga9pgf

adr0ck wrote: »

you need to take into account that people have bigger deposits

This decline reflects the change in house prices over the same period and the growth in the size of first-time buyer deposits.

YEah, because those 3.5 million unemployed are going to be spending all their savings on an overpriced asset arent they? :rotfl::rotfl::rotfl:

Once the majority of buyers and investors shoot their equity into overpriced homes, prices will continue to tumble.

Come to think of it, cant think of many with oodles of cash in the bank right now. Although savings rates are increasing, all this does is drag cash out of the real economy, so, win win!

adr0ck

ad9898 wrote: »

Oops, I thanked your post before fully taking in the fugures described, are FTB'rs really earning £32200 p.a ?, seems a pretty high figure.

between a couple i would say yes

one earning average wage and the other working part time

chucky

ad9898 wrote: »

Oops, I thanked your post before fully taking in the fugures described, are FTB'rs really earning £32200 p.a ?, seems a pretty high figure.

without checking it i believe FTB's had a salary of £42k in 2007.
i think mitcha proved the statistic from somewhere.
can't remember if it was joint or single.

it wouldn't surprise me that £32,200 is the case - which then begs the age old question where you ask at what minimum salary is or should a house be affordable...

ad9898_3

adr0ck wrote: »

between a couple i would say yes

one earning average wage and the other working part time

Ahh, ok well 3x one earner and 1x a second (if there is one) is how it used to be, if this is a pointer to the future, it's good news.

adr0ck

mbga9pgf wrote: »

YEah, because those 3.5 million unemployed are going to be spending all their savings on an overpriced asset arent they? :rotfl::rotfl::rotfl:

were not at 3.5 million unemployed

thats not to say we won't be however these figures are for feb 09

also i don't think anyone can get a mortgage without a job

what was the point of your post?