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Exact(12)
The average repayment period is about ten months.
Wonga provided 2.46m short-term loans during the year, with the average advance being £255 and an average repayment period of 16 days.
A rise of two points, taking the Bank of England's base rate to 2.5%, would add almost £200 a month to the average repayment.
Although more than half of retired renters have never owned their own home, they pay an average rent of £423 a month – two-thirds more than the £257 average repayment paid by those who still have mortgages.
Dashed line on the right denotes average repayment time obtained with bootstrap analysis and the dashed line on the left denotes average repayment time obtained with retrospective analysis.
Therefore we could work out the average repayment time under retrospective analysis.
Similar(48)
Thanks to low rates, the annual cost of repaying a mortgage is well within historic affordable levels, with average repayments for first-time buyers equivalent to 18% of their gross annual income.
At the moment, the average mortgage repayment is a smaller proportion of income than the long-run average.
Non-financial firms paid off £3bn of loans in April, compared with an average monthly repayment of £1.3bn over the previous six months.
The government is asking colleges to ensure that average debt repayment of graduates on their programmes is below a set percentage of graduates' incomes.
Yet, markets can expect volatility when rates start to climb and the average mortgage repayment could rise by hundreds of pounds a year.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com