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Low mortgage rates and payment in UK in four years

Low mortgage rates and payment in UK in four years

Scotland, Northern Ireland and the North-east tops the lowest mortgage payment in the UK. According to mortgage analysts, payments in the last three months of 2017 reached their most affordable levels in over four years. A typical mortgage accounted for only 29% of disposable household income in the last quarter of 2017. This 29 percent is the lowest figure since the 2nd quarter of 2013 which stood at 26.3 percent of household income.

These findings are based on first time borrowers and home movers.

mortgage-percentageRates are the
Below is a list of mortgage affordability varying by region:
(percentage of disposable income)

– North-east, 20.6 per cent

– Yorkshire and the Humber, 23 per cent

– North-west, 23.1 per cent

– East Midlands, 26.9 per cent

– West Midlands, 29.0 per cent

– East Anglia, 28.4 per cent

– South-west, 33.8 per cent

– South-east, 40.2 per cent

– London, 44.8 per cent

– Wales, 24.8 per cent

– Scotland, 20.1 per cent

– Northern Ireland, 18.8 per cent

Here are the top 10 most affordable areas according to Halifax:

1. Copeland, North-west, 14.9 per cent

2. Inverclyde, Scotland, 15.7 per cent

3. North Ayrshire, Scotland, 15.9 per cent

4. West Dunbartonshire, Scotland, 16.2 per cent

5. Renfrewshire, Scotland, 16.4 per cent

6. East Ayrshire, Scotland, 16.6 per cent

7. Pendle, North-west, 16.6 per cent

8. Burnley, North-west, 16.7 per cent

9. Hyndburn, North-west, 16.7 per cent

10. Barrow-in-Furness, North-west, 16.9 per cent

And here are the 10 least affordable areas according to Halifax:

1. Brent, London, 61.1 per cent

2. Haringey, London, 60.5 per cent

3. Harrow, London, 57.7 per cent

4. Elmbridge, South-east, 56.3 per cent

5. Hillingdon, London, 56.2 per cent

6. Ealing, London, 55.7 per cent

7. Islington, London, 55.1 per cent

8. Barnet, London, 55.0 per cent

9. Hackney, London, 54.9 per cent

10. Chichester, South-east, 54.0 per cent

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Mike Winscott

Business reporter, blogger and a Londoner.

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