Figures from the Woolwich have shown that homeowners are spending nearly a fifth of their monthly income on mortgage repayments. The average payment rose to £499 last month, 18.5 % of the average monthly wage. Mortgage repayments have risen by 11% a year in the last three years. According to the report, compiled from data on 1.3 million homeowners in England and Wales, this proportion equalled a three year high set in November last year. Andy Gray, the head of mortgages at the Woolwich, said: “A combination of house price rises, interest rate fluctuations and people releasing more equity from their homes has driven up the cost of mortgages over the last three years.” Nevertheless he added: “Nationally the cost of servicing a mortgage is still affordable for most.” (Telegraph, Independent)