Moves by the Bank of
The number of loans to first-time buyers rose by 9% in May, compared with April, and was 19% higher than in
By value, lending to first-time buyers was up 11% on April and 30% higher than in May last year.
The number of loans to homeowners moving house also rose in May, up 8% from the previous month.
"With May lending figures, we get our first glimpse at the effect the mortgage market review has had on lending trends and, at least so far, the impact appears subtle rather than dramatic," said
Would-be borrowers are now asked to give more detail about their spending. Borrowing is based on how much is left after regular expenditure, rather than on income, and lenders have to check they would still be able to afford repayments if interest rates rose.
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