By Samantha Partington For The Daily Mail
Published: 22:00 GMT, 22 February 2019 | Updated: 22:06 GMT, 22 February 2019
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First-time buyers are being lured into taking out record amounts of debt, experts warn.
The number of mortgages taken out by those on the first rung of the housing ladder is now at a 12-year high – returning to levels last seen ahead of the credit crisis.
More loans are now issued to first home seekers than any other type of buyer, research from Halifax reveals.
![Halifax says the number of first-time buyers taking out mortgages has nearly doubled in a decade, from 192,300 in 2008 to 372,000 in 2018. Some lenders are also relaxing rules to win over new borrowers [File photo]](https://i.dailymail.co.uk/1s/2019/02/22/21/10160866-6735341-image-a-6_1550869801358.jpg)
Halifax says the number of first-time buyers taking out mortgages has nearly doubled in a decade, from 192,300 in 2008 to 372,000 in 2018. Some lenders are also relaxing rules to win over new borrowers [File photo]
Buyers are also stretching their budgets more than ever to get on the property ladder – borrowing a record 3.64 times their salary on average, according to trade body UK Finance.
Banks are fuelling the boom by slashing rates for borrowers with just a 5 per cent deposit and employing ‘aggressive’ tactics to ensure loans are approved.
Experts warn if interest rates rise or house
