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Caution in mortgage market

Date: Wed, 15 Jun 2005

Many prospective home buyers are lowering the total of their mortgage applications.

Research by Moneyextra shows that the average mortgage being sought in May on its website was £122,657, the lowest level since an average of £122,615 in January.

The decline in loan values was not just limited to first time buyers but also to those planning a move or thinking of remortgaging their current property, who reduced the size of their mortgage needs by 2.88 per cent - just 48.15 per cent of the total loan-to-value level and the lowest for eight months.

Moneyextra also revealed that the average value of loans completed in May reached £132,458.06, up from April's £122,619.56. However, this figure is still five per cent down on March levels.

First Active continued to be the most popular mortgage lender for the second month in a row.

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