Mortgages in 2011 lowest for a decade
Those who are looking at
property for sale in Plymouth in the new year will be looking
to 2011 and hoping that mortgage conditions in 2012 will be just as
This is after it was revealed recently that the mortgage repayment
costs for homeowners in the UK last year were lower than they have
been at any other point over the past ten years, thanks to lenders
reducing their charges.
Barclays says that the lowest point came in September of last year,
when monthly repayments were just 15.2 per cent of the average
salary in the UK.
Andy Gray, head of mortgages at Barclays, said: "With the cheapest
ever mortgage deals offered to homeowners last year and the
fiercely competitive mortgage market it stands to reason that the
average monthly mortgage payment was at its most affordable level
in a decade."
Recently, the Bank of Scotland also released figures which showed
that 77 per cent of homes in Scotland are now affordable for those
looking to reach the first rung on the property ladder.