Massive mortgages are making us workaholics

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by Kay Murchie

The continued increase in property prices means that parents with young families and first-time buyers are becoming wage slaves.

Parents worrying about debt are working long hours to meet payments.

Consequently, no time is left for family life, let alone disposable income to enjoy it.

Many young people are taking on second jobs to pay their mortgage. The average home loan is now at a record high of £152,800, this was £50,000 in 1994.

Monthly repayments on a mortgage of £150,000 are around £1,100 – three quarters of the take-home pay of average earnings.

Buyers in the south are borrowing double this amount and asking prices of £400,000 are common in London.

Research shows that the problem could worsen as the average mortgage increased by nearly £12,500 last year.

Today’s levels of debt are unimaginable to previous generations.