Mortgage cost climbs 150 per cent in 5 year period by Finance News Bulletin

Published: 19/09/07

According to recent figures from the Woolwich, the cost of purchasing a house for first-time buyers has climbed by over 150 per cent over the last five years The cost, just £233 per month in 2002, has now soared to an standard of £586The Woolwich researched the extent young British people in their twenties would stretch themselves to get on the possessions ladder Andy Gray, the head of mortgages at Woolwich, reportedly commented: "For those in their 20s not already on the property steps the outlook for getting on it doesn't look high-quality, especially with interest rates likely to rise further

We completely expect the average age of first-time buyers to go up until people are well into their 30s"For those in London, the affordability crisis has strike crunch tip Mortgage payments on average eat over 40 per cent of first-time buyer profits, up to £830 per month Gray continued: "For those lucky enough to be on the ladder, the information suggests that in certain areas of London they are already stretched

The last thing any of them need is a further increase in bottom rates "Charitable wing of financial services supplier invites worthy cause suggestions - Wed, 13

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