Av­er­age mort­gage pay­ments fall

Yorkshire Post - Property - - PROPERTY -

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).

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