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First time buyer numbers reach 12 year high

The latest data released by UK Finance show the number of first time buyer mortgages completed is the highest monthly total since August 2007. The figure of 35,010 for the month of August is 0.7% higher than the same month last year.

The data also showed the average age of the borrower as 32 with a loan size of £175,361 and a loan to value ratio of 77.9%.

To service the capital and interest repayments on the average loan would account for 17.1% of monthly gross household income.

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