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Article: Mortgage costs hit a 3-year high.
- Article from:
- Daily Mail (London)
- Article date:
- June 26, 2005
CopyrightCOPYRIGHT 2005 Daily Mail. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Helen Loveless
Jun. 26--Meeting the monthly mortgage bill now accounts for nearly 20 per cent of a typical household's take-home pay, according to Woolwich.
The lender, part of Barclays, surveyed 1.3 million homeowners, and its analysis shows that mortgage costs relative to net income reached a three-year high of 18.5 per cent in May. Households in England and Wales now pay more than [pounds sterling]1 out of every [pounds sterling]6 earned towards their mortgage -- an average of [pounds sterling]499 a month.
Yet for some, the mortgage is an even greater burden. In London, homeowners spend an average of 22.8 per cent of their income on ...