Abbey Mortgages identifies hike in FTB loans

Abbey has revealed that the average mortgage taken out by first-time buyers (FTBs) has almost doubled in the last 4 years.

They say that the average mortgage taken out by those trying to get on the property ladder is now £130,000; back in 2003 the average was £75,000.

There has also been an increased in those wanting to borrow more than 75% loan to value, with 13% more people wanting such a mortgage.

Nici Audhlam Gardiner, head of mortgages at Abbey, said: "Our research shows that [FTBs] have to borrow more and more to get even a small foot on the ladder.

"Abbey is absolutely committed to the first time buyer market and continues to develop new mortgages to give these customers the help they need."