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Mortgage lender says mortgages more affordable
Wed, 09 Nov 2005
Mortgage affordability seems to be stabilising, as research shows no change to the proportion of disposable income spent on servicing mortgages .

Last month, the monthly cost of servicing mortgages has remained at 18.6 per cent of mortgage holders' disposable household income, according to the Woolwich Mortgage Affordability Research.

From September, the average mortgage price has risen by a pound to £512, with a 0.3 per cent year-on-year reported from last October.

Affordability is stabilising as predicted, comments the head of mortgages at the Woolwich , Andy Gray.

He says this is a "positive trend in the run-up to Christmas", as people traditionally spend more of their disposable income to prepare for celebrations.

Mortgages in Wales and the East Midlands are becoming significantly more affordable, but mortgage holders in London are finding it harder to afford their mortgages , the research shows.

Current accounts of 1.3 million Barclays Group customers with income and mortgage payment activity are monitored every month as part of the Woolwich Mortgage Affordability Research.

The Woolwich is the mortgage arm of Barclays, after it was acquired by Barclays in 2000.

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