CML reports mortgage interest payments at 15 year high [electronic resource]
CML reports mortgage interest payments at 15 year high [electronic resource]
- 2007
Reports that for first-time buyers, interest rates have now reached their highest in 15 years. They are now paying reached 18.7%, of their income on mortgage interest, up from 18.3% in March. Homeowners are paying 16.3% of their income. Both rates are the highest since 1992. Increasing numbers of first-time buyers are also having to pay stamp duty. 58% are now doing so, up from 51% 12 months previously. Home movers are joining first-time buyers in opting overwhelmingly for fixed-rate mortgages. Homeowners soon to leave fixed-rate periods need to plan ahead.
United Kingdom--
306.1094 $2 18
Reports that for first-time buyers, interest rates have now reached their highest in 15 years. They are now paying reached 18.7%, of their income on mortgage interest, up from 18.3% in March. Homeowners are paying 16.3% of their income. Both rates are the highest since 1992. Increasing numbers of first-time buyers are also having to pay stamp duty. 58% are now doing so, up from 51% 12 months previously. Home movers are joining first-time buyers in opting overwhelmingly for fixed-rate mortgages. Homeowners soon to leave fixed-rate periods need to plan ahead.
United Kingdom--
306.1094 $2 18