News

In an analysis of more than one million customers’ accounts, Barclays found that on average, people paid out 15.4% of their take-home pay last year to cover their monthly mortgage payments.

The proportion compares with 20.5% in 2008, the most expensive year for mortgage payments.

The lowest point since records began ten years ago was last September when the average mortgage payment fell to 15.2% of take-home pay, or £488 a month.

The figures support research commissioned by Barclays that found the majority of home owners say they are more comfortable with their current payment levels now than this time last year.