First-time buyer income multiples highest on record, says CML

April 2006
Credit Control;2006, Vol. 27 Issue 4/5, p94
Trade Publication
The article cites a survey which found that the average first-time buyer was paying 3.21 times their income to get a mortgage in June 2006 in Great Britain. According to the survey made by the Council of Mortgage Lenders, this increased by 3.20 times the average income in May 2006 and 3.06 times in the same month last year. Despite this increase, the number of first-time buyers who take out new loans went up by 14 percent from 34,800 in May to 39,500 in June, 2006.


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