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Mortgages in NI take up less earnings

By John Mulgrew

Local homeowners use a smaller proportion of their disposable income to pay their mortgages than almost anywhere else in the UK, figures have shown.

On average, mortgage payments make up just over one-fifth of outgoings among property owners here, according to figures for the fourth quarter of last year.

Across the UK, Halifax calculated that new borrowers would expect to spend 30% of their take-home pay on their mortgage in the final quarter of 2016.

In London, meanwhile, mortgage payments swallowed up nearly half (48.6%) of earnings.

The city is the only region where mortgage payments are above their long-term average as a proportion of earnings.

West Dunbartonshire in Scotland was identified as the most affordable local authority area, with mortgage payments there taking up 15.4% of disposable earnings.

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