LONDON, Dec. 9 (UPI) -- The proportion of income first-time British homebuyers spend on monthly mortgage payments has dropped to the lowest level in nearly eight years, figures show.
The Council of Mortgage Lenders said the monthly interest on mortgages now typically amounts to about 12 percent of income, the lowest since January 2004, The Daily Telegraph reported.
Deposit requirements, at an average of 20 percent, have remained stable in recent months.
For non-first-time home buyers, the percentage of income spent on mortgage interest fell to an average of 9.2 percent, the lowest since monthly records have been kept in 2002.
But CML said even with improved affordability for monthly mortgage payments, deposit requirements and the uncertain economic outlook have reduced lending.
The council reported 44,500 loans for home purchases in October, down from 48,200 in September and 46,900 in October 2010.
