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Mortgages payments – are you better off than 10 years ago?
The average house price has almost trebled since 1996, and demand for property shows no real signs of diminishing, with some commentators predicting further increases of up to 40% in the next four years due to shortages in housing supply.
Moneyfacts has carried out some comparisons of current economic data and mortgage data with the equivalent statistics from 10 years ago.
The fact that Mortgage Interest Relief at Source (MIRAS) is no longer available is a key factor in the cost differential, but more influential is the fact that average salaries (from mortgage applicants), whilst they have doubled in the last decade, have been far outstripped by house price increases.
Andrew Hagger, Head of news and press at Moneyfacts.co.uk comments:
“The net effect (see table below) is that mortgage payments take a much bigger chunk of our income than they did in 1996. This statistic looks gloomy enough in its own right, but when you factor in additional increased expenses such as higher council tax and utility bills, it is no surprise that the UK is now faced with the current personal debt crisis”.
NOTES TO EDITORS:
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
We can supply you with regular weekly or one-off selection charts on many financial products including savings, mortgages, credit cards and personal loans. Our charts are independent, impartial, totally accurate and up to date.
Please call Andrew Hagger on 0870 2250 512 for further information
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500