Lowest Mortgage Costs since 2004

Lowest mortgage costs since 2004 (according to the Council of Mortgage Lenders)

A leading survey from The Council Of Mortgage Lenders reveals that mortgage costs to both first time buyers and home movers are at their lowest level since 2004.

A combination of competitively priced mortgage products, property price reductions and increased deposit requirements means that the expenses incurred servicing mortgage debt have fallen significantly over the last five years.

The report shows that first time buyers who now account for 40% of home loans spend on average 15.1% of their income on monthly interest payments.

Monthly Interest payments for home movers typically account for 11.4 per cent of their income.

In other words - there’s never been a cheaper or better value time to buy property especially if you are able to lay a substantial deposit on the table or if your income compares favourably to the property value.

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Posted by admin  On  June 19th, 2009  Permanent link