Cost of mortgage repayments 'falls'
The percentage of disposable income that a family spends on repaying a mortgage has fallen by 40 per cent in under two years, a new survey has found.
According to Halifax, mortgage repayments amounted to 29 per cent of the average family's disposable funds in August 2009, compared to 48 per cent in the third quarter of 2007.
Furthermore, mortgage payments relative to earnings are now below the long-term average - the past 25 years - of 35 per cent.
However, consumers could still be likely to find that deals which currently look positive may not last the long term.
Commenting on the findings, Catherine Hearnden, director of MyMortgageDirect, said: "[Britons] are going to find that as these rates run out, they are going to have to step [repayments] up a bit, but it still won't be as much probably as they started off with at the beginning."
And consumers who have not yet taken the first step on the property ladder may find that flats to rent in Notting Hill or other parts of London are a more affordable option than taking on a new mortgage.
Written by Ben Carter
Published 14th September, 2009
© 2009 Estates IT Limited
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The cost of mortgage repayments has fallen 40 per cent in two years, it has been revealed.