October data from the Council of Mortgage Lenders, increasing numbers of borrowers are gambling on rate cuts and moving over to variable rates. Whether they win will depend as much on lenders' priorities... short-term income to offset exposure to loses, or increased business to offset a slowdown in the market. The figures also reveal the extent of the mortgage squeeze. The proportion of income spent on mortgage payments is up to an average of 20.6% (ftbs) and 17.6% (movers), the highest levels since 1991 and 1992.

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