28 Jan

Mortgage payments more affordable, research shows

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.ADNFCR-1222-ID-19584894-ADNFCR

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