Mortgages - where do we stand?
12:18, 17 November 2009
updated: 12:18, 17 November 2009
Where do we stand with our mortgages today?
The Council of Mortgage Lenders has released its snapshot on outstanding mortgage rates.
Number of UK households with a mortgage: 11.1m.
Average outstanding mortgage: £110,800.
The average outstanding mortgage rate (September 2009): 3.58 per cent.
Average monthly payment on a £110,000 repayment mortgage at 3.58 per cent: £561.
Average monthly payment on a £110,000 interest-only mortgage at 3.58 per cent: £328.
A year earlier (September 2008) the average outstanding rate: 5.81 per cent.
Average monthly payment on a £110,000 repayment mortgage at 5.81 per cent: £704.
Average monthly payment on a £110,000 interest-only mortgage at 5.81 per cent: £533.
The average outstanding rate over the last 10 years was 5.6 per cent.
How UK mortgages break down: Approximately 42 per cent on fixed rates, 58 per cent on variable rate products.
KEY STATISTICS FOR NEW UK MORTGAGE LENDING IN AUGUST
Average first-time buyer mortgage: £100,000.
Average home-mover mortgage: £123,207.
Average new mortgage for house purchase: £112,030.
Average gross income for first-time buyer: £33,331.
Average gross income for home mover: £47,327.
Average proportion of income first-time buyers spend on mortgage interest payments: 15.2 per cent.
Proportion of all borrowers taking out a fixed-rate mortgage: 76 per cent.
Proportion of borrowers taking out a tracker mortgage: 14 per cent.
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