Despite the troubled financial climate and the recession recent reports have shown that consumer do have some good news when it comes to their finances.

One report has shown that with the interest rate still at an all time low of just 0.5 percent payments on mortgages have fallen to their lowest levels in the past seven years, with the portion of income that families are paying out on their mortgage repayments having fallen dramatically compared to just a couple of years ago.

Two years ago the average level of disposable income that was being spent on making mortgage repayments was a massive 48 percent.

However, according to the figures this has now dropped by nearly 20 percent, with the average level of disposable income that is now going towards mortgage repayments coming in at just 29 percent.

This is good news for the many homeowners that are struggling in the current financial climate, with the low interest rates bringing repayments down significantly for many.

Many people with tracker mortgages have seen their repayments fall significantly as a result of the base rate cuts, and with many industry officials predicting that the low base rate will continue into next year these borrowers could continue to benefit for some time.

However, industry officials have pointed out that not all homeowners have benefited from the base rate cuts, with those who had fixed rate mortgages failing to cash in from the base rate cuts and as a result of some banks failing to pass on the cuts on standard variable rate mortgages.

Figures have also shown that property prices have been rising over recent months, which is more good news for many homeowners. However, many experts do not believe that this situation can be sustained and that property prices will start falling again next year.

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