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SURVEY SHOWS THAT ALMOST HALF OF DISPOSABLE INCOME GOES ON MORTGAGE PAYMENTS IN THE SOUTH LAKES
March 19, 2010 12:00 AM
A survey released recently by the Lloyds Banking Group shows that on average in the South Lakes 48% of families' disposable incomes goes on mortgage payments. This is some 16% higher than the national average.
The news comes on the back of a recent poll showing that around 26% of homeowners said they would be in danger of defaulting on their mortgage if their monthly incomes fell, according to credit reference agency Callcredit Information Group.
Tim said: "What these two things really highlight is that many families are really struggling in the South Lakes. Families are having to spend greater amounts of their incomes on paying for their mortgages. This really is unsustainable in the long term.
"These figures prove the urgent need for genuinely affordable homes built with strong community support. I want to make sure we end the drain of our young people from the South Lakes. Every year a third of our young people leave and never come back - this is for a multitude of reasons but the main one is the lack of real affordable housing."
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