First-time buyers borrowing more than ever

First-time buyers broke have broken records for spending more of their income on mortgage payments than anyone else since 1991.
According to the Council of Mortgage Lenders (CML), recent interest rate rises mean that first-time buyers in March spent an average of 18.3% of their income on mortgage repayments, up from 16% last year. This means that first-time buyer affordability is now at its worst level for more than 15 years.
"With a rise in interest rates widely expected later this week, it is encouraging that those first-time buyers who are getting a foot on the property ladder are opting for fixed-rate products" said CML director general Michael Coogan.
The CML survey also found that first-time buyer income multiples have risen over the past year to 3.31 times the average first-time buyer income; up from 3.15 times income at this time last year.