Growth in the housing market could mean more people are in need of debt management plans. Figures from the Council for Mortgage Lenders (CML) show the number of loans to buy houses increased in February by 12 percent – an annual rise of 49 percent. And more people are taking on the debts to get onto the property ladder as the number of first time buyers went up by 13 percent month on month which is 40 percent higher than a year ago. But as Britain remains in economic uncertainty there is still a risk many will struggle to pay back their debts. CML head of research Bob Pannell said: “With the supply of credit still tight and the upcoming election causing political uncertainty, we are unlikely to see much change in the near future, although the new stamp duty exemption for first-time buyers could boost the market somewhat.”
More taking on debt to buy first home
April 14, 2010 By
