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Proportion of income needed for new mortgages at five-year low

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Home buyers in November needed to use less of their income to cover their mortgage interest than at any time for more than five years, according to new data released today by the Council of Mortgage Lenders.

In particular, home movers are experiencing a low debt burden by historical standards. They typically needed only 10.6% of gross income in November 2009 to cover mortgage interest payments, down from 11.1% in October. Other than a brief low of 10.2% in the middle of 1996, this is the lowest debt burden on home movers since the CML started recording this data in 1974.

The debt burden on first time buyers also reduced, with 14.4% of gross income needed in November, down from 15.1% in October – the lowest it has been since May 2004.

Source: CML Press Release

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One Response to “Proportion of income needed for new mortgages at five-year low”

  1. Anonymous says:

    It's a shame the banks don't lower their arrangement fees then the headline could have been 'mortgage affordability at 5 year low'!

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