Mortgage applications at EBS increase by 66%

MORTGAGE applications at EBS Building Society surged 66% over the last three months compared with the first quarter as affordability improves.

The latest EBS/DKM affordability index found the average proportion of net income required to fund a first-time buyer mortgage has fallen by more than 50% in the past three years.

It predicts the cost of a mortgage for the average first-time buyer working couple will fall to 13% of their net income by December. The equivalent figure three years ago was 26.4%.