31-07-2007
First-time buyers borrow 'increasingly more'
UK first-time buyers are borrowing increasingly more to finance their home purchase, it has been claimed.
According to figures released by Abbey, 53 per cent of first-time buyers are now opting to undertake the responsibility of a mortgage above £150,000, compared with 16 per cent of first-time buyers in 2003.
"We are fully aware of the difficulties first-time buyers have in getting onto the property ladder," said Nici Audhlam Gardiner, head of mortgages at Abbey.
"Our research shows that they have to borrow more and more to get even a small foot on the ladder," she added.
Additionally, the average loan now taken by first-time buyers has increased from approximately £75,000 to £130,000 over the last four years.
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