Source: Forbes —
13 January: Higher Payments And Deposits Making Ownership More Difficult
Monthly mortgage payments are taking a larger bite out of typical first-time buyer household outgoings, writes Laura Howard.
Monthly mortgage payments now account for 39% of a typical first-time buyer’s take-home pay, compared to the longer-term average of around 30%, according to Nationwide’s Affordability Report, published today.
The findings are based on first-time buyer households with outstanding mortgages at 80% of the property value.
Against a backdrop of nine interest rate rises during 2022, mortgage costs surged after the ill-starred mini-Budget in late September, reaching their highest levels since 2010.
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