The average mortgage amount searched for on Moneyextra by first time buyers was £96,231, equivalent to an 82 per cent average loan-to-value.
On Moneyextra’s Compare and Buy tool for mortgages the overall average amount searched for in February was £104,341, against an average property value of £175,760. That value compares with average house prices quoted by Halifax of £148,049 and Nationwide of £138,730 for the month of February. The disparity between Moneyextra’s higher average house price and those quoted elsewhere is a reflection of the fact that Moneyextra’s user base is 96% ABC1.
Moneyextra Mortgages says the average loan completed by borrowers using its services in February was £106,620.36, reflecting mortgages compared on the website up to three months ago. Interestingly, the average mortgage amount searched for on the website in December 2003 was £106,810.00.
The most popular mortgage lender in February was Nationwide Building Society again. Alliance & Leicester was in second place with Norwich & Peterborough Building Society third..
