Mortgages 14 Year Affordability High

Mortgages 14 Year Affordability High.

Halifax has revealed figures that suggest the combination of mortgage interest rates, deposits income multiples and house prices, has made property its most affordable for 14 years.

Low interest rates mean that mortgage payments represent on average just over 25% of total household incomes.  This makes property most affordable.

Comment
Bank of England governor Mark Carney has confirmed that interest rates will remain low for around another 3 years until unemployment drops below 7%.

Inflation will drive prices and therefore salaries up.  Meaning property becomes more affordable.

The Governments Help to Buy Deposit Scheme and the soon available Help to Buy Mortgage Guarantee Scheme will further stimulate property prices.

Expect property prices to rise.Mortgages 14 Year Affordability High