The Financial Conduct Authority (the jazzy new title for the body that regulates the financial services industry, including mortgage advisers like ourselves), after previously describing interest-only mortgages as a ‘ticking time bomb’, has published the findings of research it has carried-out into interest-only mortgages and people’s ability to pay those mortgages back at the end of the term – h
According to recent figures, lending to First Time Buyers rose by over 17% in February 2013 compared to February 2012.
First Time Buyers are often described as the ‘life blood’ of the property market.
There was good news in the mortgage market today as Bank of England figures showed that the number of mortgage extended to buyers was up in March compared with February.
At total of 53,504 mortgage approvals took place in March 2013 compared with fewer than 52,000 in February.