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It is cheaper to get a mortgage now than at any other point over the last five years according to mortgage lenders – but are you experiencing a cheap mortgage?

Home buyers in November needed to use less of their income to cover their mortgage interest than at any time for more than five years, according to new data released today by the Council of Mortgage Lenders.

In particular it has found that home movers are experiencing a low debt burden by historical standards – they typically needed only 10.6% of their income in November 2009 to cover mortgage interest payments, down from 11.1% in October. The CML says this is the lowest debt burden on home movers since the CML started recording this data in 1974.

The debt burden on first time buyers also reduced, with only 14.4% of their income needed to stay on the housing in November, down from 15.1% in October – the lowest it has been since May 2004.

Michael Coogan, director general of the CML says: "It is encouraging to see that mortgage interest payments are so affordable for home movers and first-time buyers. But with substantial deposits still needed to secure a mortgage, the market will continue to be relatively restrained for some time to come."

If you are not experiencing the same from your mortgage and are struggling to cover your mortgage repayments each month, it might be time to talk to a financial adviser. They will help you search the UK market for a cheaper mortgage deal, will help you rearrange your finances and will do all they can to make sure you are spending less of your income on your debts.

SOURCE: CML, 14/01/10

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