2011 was the most affordable year for homeowners in Luton since records began in 2005 according to latest research.
In an analysis of more than one million customers’ accounts nationally by Barclays, it found that on average, people in Luton paid out 17.7 per cent of their take home pay last year to cover their monthly mortgage payments, or £413 a month. Across the Eastern Region homeowners paid out 15.3 per cent (£491) compared to the UK which was 15.4 per cent (£494).
Andy Gray, head of mortgages at Barclays, said: “With the cheapest ever mortgage deals offered to homeowners last year together with the fiercely competitive mortgage market it stands to reason that the average monthly mortgage payment was at its most affordable level in Luton since 2005. However Barclays is urging homeowners not to be complacent with this affordability and to review their mortgage early on in 2012 to see how they can cut their monthly mortgage payments further.”