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First Time Buyers: Mortgages

Volume 464: debated on Tuesday 16 October 2007

To ask the Secretary of State for Communities and Local Government how many and what proportion of first time buyers took out mortgages of 100 per cent. or more of the purchase price of the property in the most recent period for which figures are available. (157489)

For 2006, based on figures from the Regulated Mortgage Survey, Communities and Local Government estimate that 8.3 per cent. of UK mortgages to first time buyers (excluding sitting tenants) were for 100 per cent. or more of the purchase price of the property.

Figures quoted by the CML give the number of first time buyers in the UK as 410,800 in 2006.

Using these two figures it is estimated that 34,140 of the first time buyers in 2006 used mortgages that were 100 per cent. or more of the purchase price of their property.