Five per cent — if a first-time buyer on a salary of £46,460, with a 35 per cent deposit, and a 30-year mortgage, has a five-year fixed term deal at five per cent, that means a monthly repayment of £1,520. This equates to a whopping 39 per cent of that person’s income. This scenario is based on an individual buying alone in today’s interest rate environment.
The great mortgage gamble: | Evening Standard
