Affordable mortgage deals allow home-owners to improve their budget.
Lenders more affordable mortgage deals are allowing home-owners to dramatically improve their house-hold budget according to debt charity research.
The Consumer Credit Counselling Service has recently advised that mortgage arrears in the under 30 age group have been cut by almost 50% in the last two years. This reduction in arrears has been attributed in the main to lenders offering cheaper mortgage deals since the base rate cut.
Since mortgage rates have hit record lows mortgage repayments have become far more affordable.
According to the charity in 2011 they dealt with only 816 young home-owners in their 20s in mortgage arrears. This figure was a big improvement on 2009 figures when the CCCS dealt with 1,344 home-owners under 30 in arrears.
In 2011 average monthly mortgage repayments were around £471 for the 20 something age group. The charity commented saying that while living costs have remained high since 2009, low rate mortgage deals have meant home-owners have been able to improve household budgets since this time.
With news that the BoE are to release funding in the region of £100 billion to UK lenders, it is hoped that more cheap mortgage deals will be made readily available to those in their 20s hoping to buy a home.
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