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Mortgages more costly than last 15 years

Discussion in 'General Discussions and Lounge' started by temi, Jun 12, 2007.

  1. temi

    temi Facilitator Webmaster

    Homeowners are spending more of their income on mortgage interest payments than at any time in the last 15 years, a survey showed on Tuesday. The Council of Mortgage Lenders said first-time buyers spent 18.7 percent of their income on interest on mortgages taken out in April.
    This was up from 18.3 percent in March and the highest since 1992, when double-digit interest rates tipped the economy into recession.
    Home movers spent 16.3 percent of their income on mortgage interest, also the highest since 1992.

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