Tag: mortgage repayments

Housebuyers using payday loans to pay mortgages

Housebuyers using payday loans to pay mortgages

In the last year around seven million UK house buyers have been forced to use payday loans or unauthorised overdrafts to meet their mortgage repayments, according to housing charity Shelter. With both of these sources of finance potentially carrying extremely high interest rates, this represents one in seven Britons who could be at risk of [...]

Mortgage repayments rise as consumers cut debt

Mortgage repayments rise as consumers cut debt

New data from the Bank of England suggests that house owners are focusing on repaying their mortgages as part of their efforts to reduce debt. Consumers are concerned about the state of the economy and their incomes are under pressure from pay freezes, rising unemployment and high levels of inflation. These pressures, together with falling [...]

CML reports further fall in repossessions

CML reports further fall in repossessions

The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions - the fourth consecutive quarter in which they have fallen. According to the Council, lenders seized 8,900 properties in the July to September period - representing a fall of 5% compared with the second quarter. Experts argued, though, that many homeowners [...]

Mortgage affordability fails to impress first-time buyers

Mortgage affordability fails to impress first-time buyers

Britain’s homeowners are typically finding their mortgage repayments twice as affordable as when house prices peaked, in 2007. Research from Halifax has revealed that in June, the average monthly mortgage repayment accounted for 28% of disposable income, compared to 50% three years ago. However, first-time buyer numbers fell to 94,600 in the first six months [...]

Household running costs down 17%

Household running costs down 17%

The cost of running a home in the UK has plummeted to a three year low, according to new research from Halifax. A study by the bank found that the cost of owning and running a household has fallen by nearly a fifth during the past twelve months to the lowest level since 2006. Household [...]

Affordability for first-time buyers below 25 year average

Affordability for first-time buyers below 25 year average

In its latest First Time Buyer Affordability Review, Halifax has reported a significant improvement in the mortgage payments to earnings ratio. For the average first-time buyer, mortgage repayments account for 31% of average income, down from a peak of 48% in 2007 and below the long-term average of 37% recorded over the past 25 years. [...]