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Anorak | More Mortgage Misery As Houses Become A Luxury

More Mortgage Misery As Houses Become A Luxury

by | 12th, June 2007

THINGS don’t seem to be getting any easier for homeowners and for those trying to get a foot on that increasingly elusive first rung of the property ladder.

According to the Council of Mortgage Lenders, mortgages are at their least affordable level for 15 years right now, as the recent spate of interest rate hikes start to kick in.

In April, first-time buyers were paying 18.7% of their income for mortgage interest payments, a significant rise on the 16.3% paid the previous year.

If that wasn’t bad enough, an increasing number of first-time buyers are also having to contend with

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Posted: 12th, June 2007 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink