14 Sep

Mortgage repayments 'are at their most affordable'

Mortgage repayments 'are at their most affordable'

If mortgage repayments are not seen as affordable now then they never will be, one property expert has asserted.

Experienced financial adviser and director of MyMortgageDirect Catherine Hearnden said that homeowners should take further advantage of low interest rates by considering overpaying their mortgage or converting to repayments.

Her comments follow the publication of figures from Halifax, which reveal that the percentage of disposable income that a family spends on repaying a mortgage has fallen by 40 per cent in under two years.

"So many people said: 'We will change to repayment once it becomes affordable.' Well, if it isn't affordable now it never will be," stated Ms Hearnden.

This news comes after the Bank of England recently announced that the total number of new mortgage approvals in July reached 50,123, which is an increase from 47,891 in June and 44,234 in May.

Meanwhile, the number of remortgage approvals in July reached 35,206.


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