Average yearly mortgage repayments have risen by over 40% in the last five years, and are likely to reach an average of £7,000 in 2007, warns mform.co.uk.
The company, which offers an online mortgage comparison and search service, says analysis of family spending data from the Office of National Statistics (ONS) reveals the average annual amount spent on mortgages has increased by 44.3% since 2001. It says during the period 2001/02, mortgage repayments amounted to around £4,586.40, compared to £6,619.60 in 2005/06, and in addition it says the percentage of total household expenditure attributed to mortgages has risen from 9% to 13.5% during the past five years. Mform.co.uk points out recent rises in the Bank of England base rate and ris...
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