Cost of first-time mortgages falls by half

A MORTGAGE today will cost a first-time buyer couple half of what it cost five years ago.

The latest EBS/DKM affordability index also noted that property is now more affordable than at any time in the past 25 years.

Funding a mortgage on a new home will cost the average first-time buyer couple 13% of their joint income today — down from 26.4% in 2006.