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Home loans consuming less of FTBs` incomes, figures suggest

20/01/2009

The interest charged on home loans is taking up proportionally less of the income of first-time buyers (FTBs), it has been suggested.

Figures produced by the Council of Mortgage Lenders (CML) reveal that in November last year, such payments typically took up 18.2 per cent of FTBs` incomes.

According to the organisation, this is the lowest percentage since February 2007.

It goes on to claim that the improvement in affordability is largely down to the fact that borrowers who are currently able to obtain credit are lower-risk and therefore less financially stretched.

CML director-general Michael Coogan said: "Borrowers who are benefiting from lower mortgage rates should over-pay if they can afford it to reduce their mortgage balance and protect themselves against falling house prices."

A trade association for the mortgage industry, the CML aims to help foster a favourable operating environment in Britain`s housing and mortgage markets. It claims that its members account for around 98 per cent of residential mortgage lending in the UK.

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