Friday, March 31, 2023

Mortgage payments drop significantly

RECENT research carried out by Halifax has demonstrated that mortgage payments have dropped significantly in the past five years. The average annual mortgage repayment in 2013 currently stands at £3,571.

The study showed that the average annual home loan payment has reduced by around £950 between 2008 and 2013 as reported on

In 2008 the typical repayment was £4,521 which has fallen to £3,571 mirroring the recent trend of falling mortgage rates.

Halifax also discovered that home loan payments have reduced as a share of total housing costs since 2008, dropping from 48% to 37%.

Housing Economist at Halifax, Martin Ellis commented on that: “Lower mortgage payments have largely offset increases in other items of housing-related expenditure, such as the substantial rises in electricity and gas bills.”



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