First time buyers borrowing levels are at an all time high as they clamber to get on the property ladder, with mortgage lenders becoming stricter as to who they provide mortgages to.
Recent Council of Mortgage Lenders (CML) data highlights affordability issues being of concern as the average first time buyer borrows 3.39 times his or her income in order to get that first foot on the property ladder.
Mortgage interest on average eats into 19.7% of a first time buyer 's income.
Total number of mortgages provided to first time buyers declined by 7% in July, so say new CML figures.
Overall, the entire market saw 94,000 loans for house purchases in July with 92,000 remortgages, totalling £14.8 bn and £11.5 bn respectively.
Given concerns in regard to rising interest rates, fixed rate mortgages made up 79% of all mortgages and remortgages .
First time buyers are faced with further difficulties as banks and building societies tighten up lending criteria.






