November saw homebuyers needing to use less of their income to cover their mortgage interest than at any time for more than five years, according to the Council of Mortgage Lenders (CML).

The trade body reported that home movers are experiencing a low debt burden by historical standards, typically needing only 10.6% of gross income in November 2009 to cover mortgage interest payments, down from 11.1% in October.

This is the lowest debt burden on home movers since the CML started recording this data in 1974, other than during a brief low of 10.2% in the middle of 1996.

The debt burden on first time buyers also reduced, with 14.4% of gross income needed in November, down from 15.1% in October – the lowest it has been since May 2004.

Lending volumes experienced a seasonal dip in November. Although the 53,000 house purchase loans represented a 4% decline on October, the number was a 66% increase on November 2008. On the other hand, the 31,000 loans for remortgage fell 6% from October with a drop of 39% year on year, showing a continuation of the “two speed”” market for house purchase and remortgaging