28
Jan
Mortgage payments more affordable, research shows
Research released by Woolwich, the mortgage arm of Barclays, has
revealed that average monthly mortgage payments became more
affordable during 2009.
According to financial institution, the average household was left
more than £100 better off each month due to falls in home loan
rates.
In December 2009, average monthly mortgage payments stood at
£497, compared with £607 at the same time in the previous
year.
Andy Gray, head of mortgages at Barclays, commented: "For the 11
million households who have a mortgage there is a silver lining to
the recession - a substantial reduction in mortgage payments right
when they need it most."
He added that some borrowers may have been able to take advantage
of the savings by overpaying their debt and cutting years from the
life of their loan.
Figures published on January 26th by moneysupermarket.com found
that average mortgage rates have fallen by 0.77 percentage points
since October 2009, bringing average rates to 4.97 per
cent.