HOMEOWNERS are enjoying the cheapest mortgages on record thanks to historically low interest rates.
On average people are paying £494 a month, a figure that represents just 15.4 per cent of their take-home pay.
At the height of the credit crunch four years ago homeowners were forking out an average of £601 in monthly mortgage payments – or 20.5 per cent of their take-home pay.
There was also good news yesterday for first-time buyers. The number getting their initial step on the property ladder increased markedly last year as banks became more willing to lend to those with only a small deposit.
There were 57,301 loans of 85 per cent or more of the property price, up from 43,379 in 2010.
The favourable lending conditions are likely to continue after the Bank of England left the base interest rate at its record low of 0.5 per cent yesterday for the 34th consecutive month.
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This is really good news for Stonebridge. Once the first houses are completed in the summer it will allow them to be sold more easily. In addition, it will give added confidence to investors in providing money to build new houses on our estate in the near future, knowing the developer will be able to sell them. Richard Pearson.
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