Regional house price differences were also reflected in mortgage debt levels. London borrowers had the highest average mortgage debt, at £280,000. That was almost £70,000 above the South East, the next highest region. Northern Ireland had the lowest average mortgage debt, at £99,500.
Across most regions, 12% to 14% of borrowers were on variable rates. The proportion was higher in London, at 16%, and in Northern Ireland, at 18%.
Interest-only lending showed greater regional variation. In London, 12% of mortgages were interest-only. The share was 5% across the North, Yorkshire and Humber and Scotland, and 4% in Northern Ireland.
“It’s been challenging times for those trying to buy a property in recent years, with affordability pressures weighing heavy,” said James Tatch (pictured right), head of analytics at UK Finance.
“But the pain is not felt equally across the country. Property prices, wages and demographics vary greatly across and within regions. All of these have an impact on affordability and if you’re a landlord, how profitable your investment property is.