People in Britain now owe more than £1 trillion on their mortgages after increasing their borrowing by over £9.3 billion in May. This is the first time UK mortgage lending has broken through the £1 trillion barrier.
Figures from the Council of Mortgage Lenders show that the average person taking out a mortgage during 2005 spent 15.3% of their income on interest payments, compared with 26.5% in 1990.
Our view
Every year we will hit new record highs as property inflation continues its steady rise.
Need a mortgage? Book a free callback from our award winning team.