News: Mortgage Costs Fall To Most Affordable Level
Homeowners' monthly mortgage payments fell to their most affordable level since records began in 2011. On average, people paid out 15.4% of their take home pay last year to cover their monthly mortgage payments, compared to 2008 when it reached its highest point at 20.5%, figures from Barclays show.
The lowest point since records began 10 years ago was in September 2011 when the average mortgage payment fell to 15.2%, or £488 a month. The figures are supported by separate research which found the majority of homeowners say they are more comfortable with their current payment levels compared to this time last year. But people are being urged not to be complacent with this affordability and to act early on in 2012 to secure good mortgage deals, as they may be able to cut their monthly mortgage payments further.
"With the cheapest ever mortgage deals offered to homeowners last year and the fiercely competitive mortgage market it stands to reason that the average monthly mortgage payment was at its most affordable level in a decade," said Andy Gray, head of mortgages at Barclays.
"We know that other financial factors are likely to bite again this year, but homeowners can't afford to forget about their mortgage just because base rate is predicted to remain at record lows throughout 2012."
09 Jan 2012
Source: Moneyfacts Jan 9th
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