Monthly Mortgage Repayments Hit 15-Year High

Monthly Mortgage Repayments Hit 15-Year High

www.telegraph.co.uk

Home owners are paying more on their monthly mortgage repayments than at any time since the property crash in 1992, according to official figures.

The figures come as increasing evidence emerges that the property market is heading for a sharp slow-down, as mortgage rates increase and people find it increasingly difficult to get on the housing ladder.

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www.telegraph.co.uk
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Michael Coogan, the CML’s director general, said: "Mortgages are set to become more expensive for customers who have poorer credit histories..."

That says it all right there. It sounds like the other side of the pond has the same cancer we do: people buying houses who had no business borrowing that much money. It's both the borrower's fault and the lenders for signing the loan.

Let their payments go up. Let them get foreclosed on. Let the banks go under. The industry needs a little housecleaning.