Mortgage costs show regional variation
Where you live is likely to have a strong impact on the extent of your mortgage burden, new figures have revealed.
Research by the Woolwich shows falls in the average mortgage costs across the southern counties, but a rise in Wales, the north-east and the West Midlands.
The cost of servicing mortgages across England and Wales fell by 0.2 per cent in January 2006 to 18.4 per cent of household take-home pay.
The south-west is especially responsible for driving down the national average, with a drop of 0.8 per cent in the average mortgage burden.
Andy Gray, head of mortgages for the Woolwich, said a number of factors could be responsible for regional variation, most notably the state of wages, which are rising at different levels across the country.
He said rising house prices will be the key to ensuring other regions match the trends set in the south, with increased consumer confidence being the critical factor.
'At the moment increasing energy bills, slowing credit card spending and nervousness on the high street is making them wary,' he commented.
For the best deals of mortgages, wherever you live, consumers would be advised to look online. | 
