Home buyers needed to use less of their income to cover their mortgage interest in November than at any time for more than five years, the Council of Mortgage Lenders (CML) has reported.Home movers were particularly well placed, typically needing only 10.6% of gross income to cover mortgage interest payments, down from 11.1% in October. [...]
Re: Mortgages at their most affordable in five years
It is a fairly academic point taken from statistics. Consumer confidence is low, banks and building societies want large deposits and remortgaging has dropped off a cliff (admittedly this may change in the next month or two as many institutions are raising their Standard Variable Rate).
The CML also said this week that mortgage lending would remain "restrained"
Mortgages at their most affordable in five years
