Home buyers to spend half of take-home pay on mortgage - Telegraph
Economists said there is ‘no doubt’ that Bank of England interest rates will return to around 5 per cent - possibly even higher - from their current historic low of just 0.5 per cent.
If the current profit margins are maintained, it means mortgage rates will be pushed up to 8 per cent, according to Capital Economics.
It would see mortgage payments at the start of a new mortgage increase from 34 per cent of average take-home pay to 51 per cent for those buying a new home, it said.
It equates to more than £12,000 being spend on their annual mortgage repayments, as the figures are based on average take-pay home of £23,800 - or a gross salary of £31,500.
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