Mortgages most affordable for 14 years

Mortgages as a percentage of disposable income are at their lowest level since 1997, claims new research from the Halifax. In the fourth quarter of 2011, typical mortgage payments stood at 27% of disposable earnings. Mortgage payments have in fact halved since the third quarter of 2007.
Martin Ellis, housing economist at Halifax, commented: "The prospect of an exceptionally low Bank of England base rate over the foreseeable future should maintain affordability at favourable levels in 2012. This should support the market over the coming 12 months." To find out about how much repayments would be on a property you wish to buy, contact our in-branch independent mortgage advisors.