9 Jan

Mortgages in 2011 lowest for a decade

Mortgages in 2011 lowest for a decade

Those who are looking at property for sale in Plymouth in the new year will be looking to 2011 and hoping that mortgage conditions in 2012 will be just as favourable.

This is after it was revealed recently that the mortgage repayment costs for homeowners in the UK last year were lower than they have been at any other point over the past ten years, thanks to lenders reducing their charges.

Barclays says that the lowest point came in September of last year, when monthly repayments were just 15.2 per cent of the average salary in the UK.

Andy Gray, head of mortgages at Barclays, said: "With the cheapest ever mortgage deals offered to homeowners last year and the fiercely competitive mortgage market it stands to reason that the average monthly mortgage payment was at its most affordable level in a decade."

Recently, the Bank of Scotland also released figures which showed that 77 per cent of homes in Scotland are now affordable for those looking to reach the first rung on the property ladder.ADNFCR-1222-ID-801259160-ADNFCR

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