The number of remortgage buyers locking into attractive deals has increased 23% ahead of the Bank of England rate rise.
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Category Archives: Mortgage Affordability
Average house prices in London fall -3.1% in August as sellers try to secure quick sales dragging down the UK property market.
London house prices exceed first time buyer annual earnings by 13 times and is more than twice the multiple of the North East.
The number of first time buyers increased 20% for the month and up for the year even though higher house prices limit affordability.
Thousands of mortgage prisoners caught paying high interest rates due to affordability rules could be given more help from lenders.
Mortgages in the UK are at their most affordable level with homeowners spending less than a third of their income on repayments.
Costs to first time buyers are £900 per year less compared to renters and over their mortgage term buying a home saves them £27,000.
The rapid rise of house prices in cities has outstripped earnings and means affordability levels have reached a ten year low.
House prices rise by a modest 2.6% with London the weakest region and least affordable due to difficulties of raising a deposit.
The number of remortgage buyers and value of borrowing have reached record levels helped by record low interest rates.