Price war knocks UK mortgage costs: report UK mortgage payments for new borrowers are at their most affordable in 14 years after a price war erupted between lenders, according to a new report. Payments for both first-time buyers and home movers accounted for just 27 per cent of average incomes in the second quarter of this year, marking the lowest proportion seen since 1999, Halifax found. Lenders slashing their mortgage rates, along with house prices having fallen in recent years, were said to be the main factors behind improved affordability.