According to the Council of Mortgage Lenders (CML) mortgages are more affordable now than they have ever been. The average homeowner (excluding first-time buyers) spent 17.7% of their monthly income in September on mortgage repayments.
When interest rates were much higher 8 years ago they spent 23.7% on that same income of their mortgage repayments. The CML said these figures represented an historic low and should help more people in buying their first home.
As for first-time buyers, they are spending just 17.8% of their income compared to 24.7% in November 2007 on their mortgage
This affordability is in part down to the Bank of England’s decision to cut the base rate to 0.25% in August, which saw many lenders cutting their mortgage rates further.
"Mortgage affordability reached an historic low in September, for both first-time buyers and home movers, which partly reflects the re-pricing of mortgages following August's base rate cut," said Paul Smee, the director general of the CML.
Currently, a two year fixed mortgage is available with rates as low as 0.99% which is further improving the housing market as we approach the end of the year.
Posted: 16/11/2016
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