Mortgage costs at record low, say lenders

Mortgage costs at record low, say lenders
 

Mortgages are now more affordable than they have ever been, according to the Council of Mortgage Lenders (CML).
In September, the average homeowner - excluding first-time buyers - spent 17.7% of his or her monthly income on mortgage repayments, the CML said.
Eight years ago, when interest rates were much higher, they spent 23.7% of their income on repayments.
The CML said the figures represented a historic low, and should help more people to buy their own home.
First-time buyers are spending 17.8% of their income servicing their mortgages, compared with 24.7% in November 2007, a recent... read more

 
15 November 2016 in Business, Views: 37
Source: BBC
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