Sky News reported on 5 October 2022 that households were spending 27% of income on mortgage repayments, describing it as the highest mortgage burden since 1989. That comparison is about repayments as a share of income—not mortgage rates matching their 1989 level. The report does not establish the underlying series or calculation, so the 27% figure should be understood as Sky News’s reported comparison, not as a verified official statistic.
What did the 2022 report say?
Sky News said the rise in mortgage costs had left households paying 27% of their income towards mortgage repayments, the highest burden since 1989. The report also cited Moneyfacts average rates of 6.07% for two-year fixed mortgages and 5.97% for five-year fixed mortgages at the time. Those rates are historical figures reported in October 2022, not current mortgage rates. Sky News, 5 October 2022
As an Amazon Associate I earn from qualifying purchases.
What does “mortgage burden” mean?
A mortgage rate is the interest charged on a loan. The repayment is the amount a borrower pays, typically each month, towards interest and principal. A mortgage burden expressed as a share of income compares those repayments with income. These measures are related, but they are not interchangeable: the payment also depends on factors such as the amount borrowed and the mortgage term, while the income share depends on whose income is counted and how it is measured.
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteThat distinction matters when comparing 2022 with 1989. A rate or monthly payment alone cannot show whether borrowers in different periods faced the same burden relative to income. The available report does not specify which households its 27% figure represents, whether the income measure is gross or disposable, whether it concerns new mortgages or existing borrowers, or the original data series used for the 1989 comparison.
#1 Best Overall
- Loan Amortization and Remaining Balances
- Instant Principal, Interest, Interest Only and Total Payments
- Future Values
- Date math function
What evidence is available from 1989?
A House of Commons debate on 31 October 1989 records a speaker asking what relief was available to borrowers facing a £900-a-year increase on a £30,000 mortgage because of interest-rate rises since March. House of Commons debate, 31 October 1989
This is a contemporaneous example of pressure on one mortgage, not a national statistic about repayments as a share of income. It cannot independently verify the 1989 endpoint in Sky News’s comparison.
Rank #2
- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
How firmly can the comparison be stated?
The careful conclusion is that Sky News reported a 27% income share in October 2022 and described it as the highest mortgage burden since 1989. The source material available here does not establish the calculation or underlying series, so it cannot support a more precise claim about which borrowers were included or how the two periods were made comparable. The 1989 parliamentary example provides historical context, but not the missing statistical method.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Quick Recap
Best Value
- Extra large 12-digit angled display.
- Loan Wizard.
- Automatic Tax Keys.
- Selectable decimal setting.
- Input any three loan variables to compute the fourth.
Rank #4
- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
Rank #3
- DEDICATED FUNCTION KEYS for Quick Financial Solutions: Clearly labeled function keys enable you to quickly and confidently provide financial answers and options for your clients, whether in the office, in the car or at an open house. Compare loan options and provide payment solutions to give your client choices
- INSTANT FINANCIAL PROBLEM SOLVING: Solve the financial questions your clients have whether they are buyers, investors or renters; increase your perceived professionalism and close more home sales by quickly answering real estate finance problems including remaining balances
- RESIDENTIAL REAL ESTATE FINANCE TERMS: Keys labeled in residential real estate finance terms like Loan AMT, Int, Term, PMT; Calculator is super easy to use to determine a mortgage loan that works for your client
- VERSATILE LOAN CALCULATION OPTIONS: Calculate 80:10:10 or 80:15:5 combo loans at the press of a button; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices
- COMES COMPLETE: Comes with a protective slide cover, quick reference guide, pocket user's guide, two long-life batteries, and 1-year warranty
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
