Lenders have a new wheeze when it comes to lending money to home buyers. Now interest-only loans have been outlawed for all except buy-to-let borrowers they have moved to the next best thing (for lenders, that is, not borrowers) – 40 year mortgage loans. In particular, lenders are circling first time buyers who are back in the market. According to the mortgage statistics for last year, mortgage approvals rose by 122,000 to 734,969. First-time buyer numbers are well up. For example,they took out 27,000 loans in November, 2013, a rise of just 0.7% compared to October, but up 24% compared […]
