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Homeowner loan affordability 'improved in 2009'
The affordability of mortgage deals in the UK improved during 2009, according to new research.
Figures released by Woolwich, the mortgage arm of Barclays, revealed that households saw a 20 per cent decline in the proportion of their take-home pay spent on homeowner loans over the 12 months.
The average monthly mortgage payment for homeowners across England and Wales stood at £497 by the end of the year, which is over £100 less than the figure recorded in December 2008.
Andy Gray, head of mortgages at Barclays, said the figures highlighted "a silver lining to the recession" for many consumers.
He added: "For them it's a chance to save in a way they might not have been able to before, or to overpay their mortgage and cut years from its life."
Recent figures published by Moneysupermarket.com found that the availability of both 85 per cent and 90 per cent loan to value products has risen since December 2009.