mortgage takes 40% of incomeThe cost of paying for a home in Yorkshire has become slightly more affordable in light of income increases and steady interest rates.

However, new figures have shown that the average homeowner must still allocate around 40 per cent of their income to mortgage repayments, according to the Huddersfield Examimer.

The survey, by Royal Institution of Chartered Surveyors (Rics), has also found that initial outlay for a home in the area is on the increase, with first-time buyers needing to save around 76.8 per cent of joint take-home pay to afford such a payment, says the report.

Commenting on this trend, Colin Harrop, vice-chairman for Rics in Yorkshire, said: "At the start of 2008, first-time buyers are finding it even harder to get a foothold on the housing ladder and the signs are that conditions are unlikely to get better in the short-term."

He added that a cut in interest rates by the Bank of England would be a welcome development for those struggling with a mortgage.

In related news, MoneyExpert recently revealed that around half a million people missed mortgage repayment in the last six months.

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