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Mortgage payments up by 15%

08/05/2007

Woolwich has concluded that mortgage payments in UK are up by 15%, leaving the average mortgage monthly payment of £590 in April 2007.

Looking at figures from 2006 this showed a £78 rise. During this time household net earnings rose by 5 per cent.

New released figures are showing that an average household is spending nearly 20% of their home pay towards mortgage repayments. During this period the average spent towards a mortgage per household was 15.9% this figure today is expected to rise over 20% in 2007.

Head of Woolwich Mortgages, Andy Gray spoke further: “Mortgage borrowers are really getting squeezed.

“Most commentators are suggesting that interest rates will increase further this week. However, our research shows that that the three interest rate increases over the last 12 months are already starting to have a major impact on borrowers.”

Throughout the whole of the UK borrowers in the West Midlands have seen their repayments towards their mortgage rise 18% since last year. London has witnessed the highest increase on house prices and mortgages down south are coming virtually impossible for first-time buyers to take on.