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- Written by Assistant Editor
- Category: Mortgages and Mortgage News
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Lenders offering some of their cheapest mortgage deals last year helped make homeowners’ monthly mortgage payments in 2011 the most affordable in Wolverhampton since records began in 2005 according to new research released today from Barclays.
In an analysis of more than one million customers’ accounts nationally, it found that on average, people in Wolverhampton paid out 15.6 per cent of their take home pay last year to cover their monthly mortgage payments, or £372 a month, compared to 2008 when it reached its highest point of 20.8 per cent. Across the West Midlands homeowners paid out 14.6 per cent £421 compared to the UK which was 15.4 per cent (£494).
These figures support opinion research commissioned by Barclays that found the majority of homeowners across the West Midlands are more comfortable with their current payment levels. The poll of West Midlands homeowners found that 78 per cent have room for manoeuvre should their circumstances or interest rates change and 54 per cent find their mortgage affordable.