Mortgage lending increased in October

Mortgage lending reached an eleven month high in October, with a £12.9billion worth of new mortgages borrowed by people in Northern Ireland and the rest of the UK.

The number of new mortgages had fallen in September to £11.4billion, but the sharp increase in October would suggest that the 'Funding for Lending' scheme introduced by the government is perhaps starting to have some impact on the property market.

Deposit requirements still remain the single biggest obstacle for first time buyers, with many of the new mortgage products being designed to attract buyers who can put down a large deposit. At best first time buyers will still need to put up a 10% deposit to have access to some of the mortgage products on offer, with many others requiring a 15% deposit.

If you are a first time buyer considering a house purchase in Northern Ireland, contact one of the property lawyers at Wilson Nesbitt by 0800 840 9290.

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