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CML reports mortgage interest payments at 15 year high [electronic resource]

By: Language: English Publication details: 2007Subject(s): LOC classification:
  • 306.1094 $2 18
Online resources: Summary: 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.
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Item type Current library Call number Copy number Status Barcode
Book Virtual Online ONLINE PUBLICATION (Browse shelf(Opens below)) 1 Available 138505-2001L136

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.