According to new findings from the CML (Council of Mortgage Lenders) First-time buyers’ average monthly interest payments have declined to an eight-year low.
First-time buyers’ interest payments fell to 12.3% in October, the lowest level since January 2004 and lower than the 13.3% reported in October 2010.
Nevertheless, first-time buyers took out just 16,400 loans worth £2bn at an average loan to value of 80% in October, 10% less than the 18,200 loans worth £2.2bn recorded for September.
First timers who are keen to get a foot on the property ladder should remember that any purchase below £250,000 is eligible for the stamp duty holiday which runs until March 2012. There are also lots of properties still available through the government’s FirstBuy scheme.