News

Home owners spend an average of £608 a month on mortgage payments and maintenance costs on a typical three-bedroom house, but rent on a similar property would cost £706 a month, researchers for the high street bank Halifax found.

The average mortgage rate for a new borrower has fallen from 5.82 percent in March 2008 to 3.59 percent last month, cutting monthly payments by about 39 percent.

Halifax say the costs associated with owning a home account for 27 percent of people's take-home pay, down from 56 percent three years ago.

Source : Daily Express page 4 - 23.4.11. Also reported in the Daily Mail page 33, The Times page 51.