Average mortgage payments fall
MORTGAGES may be more difficult to find but those who succeed benefit from the lowest mortgage payments as a proportion of disposable earnings for 15 years.
According to new Halifax research, typical mortgage payments for new borrowers take up an average 26 per cent of disposable earnings. The longterm average is 36 per cent.
Overall, mortgage payments have almost halved as a proportion of income over the past five years from a peak of 48 per cent in 2007. Average payments for a new borrower have fallen most, by two-thirds, in Northern Ireland and they have almost halved in Yorkshire and Scotland. Payments are highets in Greater London (35 per cent).