exiges Posted June 14, 2011 Share Posted June 14, 2011 (edited) Did some research from the Council of Mortgage Lenders: Home movers, lending and affordability -- % of income spent on interest payments October 2007: 20% July 2008: 17.0% November 2008 : 14.4% November 2009 : 10.6% April 2010: 9.7% April 2011: 9.9% So, the average amount spend on servicing the interest on a mortgage has dropped from 17% down to 9.9% OK, so if you've lost a job, you're in sh1t street anyway, but for everyone else, people have seen their interest payments drop by over a half. Edited June 14, 2011 by exiges Quote Link to comment Share on other sites More sharing options...
Bosh Posted June 14, 2011 Share Posted June 14, 2011 The extra costs in everything killed that happy feeling for most. Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted June 14, 2011 Share Posted June 14, 2011 Did some research from the Council of Mortgage Lenders: Home movers, lending and affordability -- % of income spent on interest payments October 2007: 20% July 2008: 17.0% November 2008 : 14.4% November 2009 : 10.6% April 2010: 9.7% April 2011: 9.9% So, the average amount spend on servicing the interest on a mortgage has dropped from 17% down to 9.9% OK, so if you've lost a job, you're in sh1t street anyway, but for everyone else, people have seen their interest payments drop by over a half. Scary figures because to get those sort of reductions in the percentage of income spent servicing interest payments on a mortgage then a lot of people are either on interest only deals or else in the very earliest years of a repayment mortgage One does not have to be a genius to see what is going to happen if interest rates rise as little as 1% Quote Link to comment Share on other sites More sharing options...
simonstock Posted June 14, 2011 Share Posted June 14, 2011 The extra costs in everything killed that happy feeling for most. Indeed, furthermore the self-employed, or indeed anyone on any kind of profit-related bonus will most likely have seen their income reduce by more than the reduction in the Interest on their mortgage. Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted June 14, 2011 Share Posted June 14, 2011 Did some research from the Council of Mortgage Lenders: Home movers, lending and affordability -- % of income spent on interest payments October 2007: 20% July 2008: 17.0% November 2008 : 14.4% November 2009 : 10.6% April 2010: 9.7% April 2011: 9.9% So, the average amount spend on servicing the interest on a mortgage has dropped from 17% down to 9.9% OK, so if you've lost a job, you're in sh1t street anyway, but for everyone else, people have seen their interest payments drop by over a half. I don't think so. Maybe those who penned their names to trackers just prior to the 2007 credit event, are spending less on interest. Wage inflation is negative, energy inflation is double digit, RPI/CPI high, job creation is negative, HPI negative, pound is down against other competing currencies, savings interest nil. Quote Link to comment Share on other sites More sharing options...
SEW247 Posted June 14, 2011 Share Posted June 14, 2011 I don't think so. Maybe those who penned their names to trackers just prior to the 2007 credit event, are spending less on interest. Wage inflation is negative, energy inflation is double digit, RPI/CPI high, job creation is negative, HPI negative, pound is down against other competing currencies, savings interest nil. too true £59 p/m on £180k mortgage. oh but the tide will turn in due course! Quote Link to comment Share on other sites More sharing options...
erranta Posted June 14, 2011 Share Posted June 14, 2011 <br />Did some research from the Council of Mortgage Lenders:<br /><br /><b>Home movers, lending and affordability -- % of income spent on interest payments</b><br /><br />October 2007: 20%<br />July 2008: 17.0%<br />November 2008 : 14.4%<br />November 2009 : 10.6%<br />April 2010: 9.7%<br />April 2011: 9.9%<br /><br />So, the average amount spend on servicing the interest on a mortgage has dropped from 17% down to 9.9%<br /><br />OK, so if you've lost a job, you're in sh1t street anyway, but for everyone else, people have seen their interest payments drop by over a half.<br /> Wot's quite funny is S'merve the genius and BOE chums - by keeping Interest rates at all time lows over such a long period, has exposed himself (for want of a better word) & his bank for the complete frauds they are! Why in the past were we ever expected to put up with 10-15% interest rates, billions in interest extracted from mortgages & led to believe this is the 'normal' rate. It's artificially done to serve a fraction of elites in the City vs the people/businesses of the UK (& cos they is all bankrupt) to cover their arses and stop over-loaned borrowers defaulting and exposing their bare vaults again, the bankers & Politico 'scammers' screw the rest of the UK at any price! Quote Link to comment Share on other sites More sharing options...
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