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 houseladder.co.uk.
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 houseladder.co.uk 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.”
Its not surprising, in fact im surprised at the fact that there is not a bigger drop