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Free AccessBOE Sees Increased DSR Pressure On Consumers
Higher living costs, rising mortgage payments and declining real incomes have stretched UK household finances, putting increased pressure on the ability of consumers to service their debt (Debt Service Ratio), the Bank of England said Tuesday.
- In the December Financial Stability Report, the BOE said an average monthly fixed mortgage payment was set to rise GBP250 TO GBP 1000 by end 2023 as deals were renegotiated, with the percentage of mortgage payments against pre-tax income rising to 17% from the current 12%.
- However, the BOE said overall, households remain in a better position to service debt than in the GFC, helped by lower interest rates than back then, even given the sharp increases over the last 12 months.
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