Households now spend an average of 27% of their income on mortgage repayments.
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The average mortgage interest rate has risen to above 6% meaning households are paying the greatest portion of their income on mortgage payments since 1989. Mortgage holders are now paying average interest rates of 6.07%, according to data from Moneyfacts, the financial information company. Interest rate repayments on two-year fixed mortgages have surged from 2.25% a year ago to 6.07% today.
A similar rise has been seen in the average interest rate on five-year fixed mortgages, which now is 5.97%, an increase from 2.55% a year ago.The rate increase has been swift and concentrated over the past two weeks.The increase has meant households now pay 27% of their income on mortgage repayments, the highest mortgage burden since 1989.
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Average mortgage interest rate rises above 6% - highest since 2008Households now spend an average of 27% of their income on mortgage repayments.
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