Mortgage payments in 2011 'most affordable for 10 years'
Monthly repayments for mortgages were at their most affordable level in a decade last year, according to new research from Barclays.
The bank found that favourable deals from lenders led to homeowners paying out 15.4 per cent of their wages for their mortgage in 2011, down from 20.5 per cent during 2008.
September last year proved to have the lowest repayments since records began, averaging 15.2 per cent of take-home pay or £488 a month.
Most property owners said they are comfortable with the amount they have to pay each month and more said they were worried about energy bills, car upkeep and food prices than their home loan.
In more good news, 83 per cent of the respondents said they would have room for manoeuvre should interest rates rise, although 40 per cent think this will not happen in 2012.
Barclays head of mortgages Andy Gray said: "Barclays is urging homeowners not to be complacent with this affordability and to act early on in 2012 to secure good mortgage deals, as they may be able to cut their monthly mortgage payments further."
Last month, the Council of Mortgage Lenders reported that mortgage repayments in October 2011 had hit their most affordable levels since 2004.
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