Independent Financial Life Planners Bishop's Stortford: A third on the mortgage

Thursday, 14 November 2013

A third on the mortgage

Affording a mortgage is a big decision, one that Enable’s IFA’s, in Bishop’s Stortford can help you think through. It is not a decision to be taken lightly ever and one that had to be considered carefully. A survey for a recent Panorama programme on the BBC suggests that thirty one per cent of people who pay a mortgage or rent spend more than a third of their disposable income on just that each month.

The survey of 1,003 people also suggests that 46% of people think property prices are too high in their area. Shelter chief executive Campbell Robb said: "The widely accepted test of affordability is that housing costs should take up no more than a third of your income." That is probably a very good test of affordability, one that Enables IFA’s would be sure to help you consider.

In August, the Office for National Statistics said the average price of a property had reached a record high of £247,000. ONS figures also show that home ownership peaked at 69% of households 12 years ago. Since then it has been falling and is now at 64%.

The Panorama film also looked at the Help to Buy scheme set up by the government in April to assist people who could afford mortgage repayments but were struggling to raise a deposit. Since it began, there has been a 6% rise in the number of new homes being built.

It can be very difficult to navigate the politics when all you want is a home to call your own. Enable’s IFA’s can try and help you make the right decision for you.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.