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Spending on home loans in the capital has jumped from 42pc to 49pc of average income, Halifax said, with Londoners more affected as a result of higher house prices.
The average home in the Greater London area cost 9.3 times average regional earnings in the three months to June, making it the least affordable part of the country.
Jeremy Hunt introduced a mortgage rescue charter at the end of June after agreeing with banks that borrowers should be able to extend their mortgage term and reduce their monthly payments, with the option to switch back within six months, as a way to bring down monthly payments.
Some have turned to longer term mortgages to reduce their monthly payments, with some facing paying off loans into their seventies.
More than 12,000 people over the age of 41 took out a mortgage term between 30 and 35 years in 2022, compared with just 3,035 people in 2018, according to recent data from the financial regulator.
The total number of people taking out mortgages with terms of 35 years or more also hit a high of 88,059 last year, a 117pc increase on 2018, figures from wealth manager Quilter showed.
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