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Daily Mail - Borrowers now spending more income on their mortgage than at any time since the 2008 financial crisis... as rates edge closer to 6%

Daily Mail - Borrowers now spending more income on their mortgage than at any time since the 2008 financial crisis... as rates edge closer to 6%

Britain's homeowners are now spending more income on their mortgage than at any time since 2008, it was revealed today as average rates closed in on 6 per cent.
Repayments on new loans accounted for an average of 20 per cent of borrowers' gross incomes between January and April, according to trade body UK Finance. This is up from 17 per cent in 2020 and is now at the highest level since it hit 23 per cent during the financial crisis. Furthermore, the latest data covered a period that came before the huge rise in mortgage rates which only began three weeks ago. The rates increase has continued this week, with the average two-year fixed mortgage jumping again to 5.98 per cent today from 5.92 per cent yesterday. Read expert comments:

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Link to Original Article: Daily Mail - Borrowers now spending more income on their mortgage than at any time since the 2008 financial crisis... as rates edge closer to 6%