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CML rejects consumer over-spend claims

Mortgage providers have dismissed industry watchdog concerns that homebuyers are overstretching themselves by borrowing too much.


The Council of Mortgage Lenders says the latest figures on mortgages showed homebuyers had not increased the amount they borrowed compared to the value of their house.


The CML said in February the average first time buyer borrowed 78 per cent of the value of their home, unchanged from the figure reported in January and down slightly from the 80 per cent reported in February last year.

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