Thursday 14th of May 2009
Repaying debt is becoming more affordable for those who have taken out mortgages, it has been suggested.
A study by the Council of Mortgage Lenders has indicated that costs are at their lowest point since 2004, despite finance remaining restricted.
With interest rates having been lowered, head of research Bob Pannell stated that those who have put down a large deposit are benefiting.
"The burden of debt payments is low and mortgage interest is consuming proportionately less income than for a number of years," he said. "This is good news for now."
However, those who still have problems as a result of having to meet mortgage payments may wish to consider debt solutions.
These could include individual voluntary arrangements, as although mortgages will not be covered they can allow borrowers to keep on top of other payments.
Last week, Moneyfacts.co.uk revealed that interest rates on unsecured loans have risen significantly over the last two years, despite base rate falls.
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