John Charcol highlights best fixed rate mortgage affordability in years

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John Charcol highlights best fixed rate mortgage affordability in years

The current low-base-rate climate is allowing for some of the most affordable mortgage interest rates in years, according to a John Charcol representative.

Ray Boulger, a spokesperson for the firm, pointed out the proportion of income that people are spending on mortgage interest has fallen across the board.

He claimed first-time buyers were paying 19.8 per cent two years ago and are now spending 13.2 per cent of their wage on the expense, whereas home-movers have cut the figure down from 17 per cent to 9.6 per cent during the same period.

"Even allowing for some future increase in interest rates, this adds weight to the argument that affordability is sufficiently good to prevent any significant house price falls," explained Mr Boulger.

Last week, the same mortgage expert claimed that the gap between two and five-year fixed rate mortgages is getting wider and stated that one of the major factors is lenders focusing on areas where there is a lot of demand.

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