In­ter­est pay­ments at 35-year low

Yorkshire Post - Property - - PROPERTY -

Bor­row­ers mov­ing home in May saw their mort­gage in­ter­est pay­ments ac­count­ing for the low­est pro­por­tion of their in­come in 35 years, ac­cord­ing to new data from the Coun­cil of Mort­gage Len­ders.

House pur­chase lend­ing rose from a year ago for the 11th con­sec­u­tive month. But with the chal­leng­ing eco­nomic back­drop, govern­ment spend­ing cuts and forth­com­ing tax in­creases, the pos­i­tive trend is likely to tail off in the sec­ond half of this year.

CML di­rec­tor gen­eral Michael Coogan says: “House pur­chase lend­ing con­tin­ues its re­cov­ery but pos­i­tive com­par­isons with equiv­a­lent months a year ago look un­likely to con­tinue.”

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