Halifax has found that mortgage payments are now the smallest they've been since the mid-1990s.

The proportion of a homeowner’s disposable income used to pay the mortgage was found to amount to less than a 1/3, in the last three months of 2017. This figure is down by almost half during the same period of 2007.

Andy Bickers, mortgage director at Halifax has said, “This is a real boost for both those who already have a mortgage and those preparing to take their first step on to the property ladder. Improved mortgage affordability has been a key factor supporting housing demand and helping to stimulate the modest recovery that we are currently seeing.”

Understandably, this affordability varies between regions quite drastically. This difference is most noticeable between the North and South of England. The North West is one of the areas with the lowest mortgage payments proportions from disposable earnings (23%), whilst the highest areas are Greater London (45%) and South West (34%).

The 10 most affordable areas are all contained within the North West or Scotland. Copeland in Western Cumbria was rated the most affordable, with typical payments accounting for mortgages just under 15% of earnings.

Unluckily for Londoners, Brent and Haringey have the least affordable mortgages in the country. The average mortgage payments by a homeowner in these areas amounts to 61.1% (Brent) and 60.5% (Haringey) of their disposable income.

Compared with other areas, the North West is one of the most affordable places to have a mortgage.

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