Laura Gibson and her husband, Russell, saw their monthly repayments for their two-bedroom cottage in Tunbridge Wells increase by £1,300 earlier this year “We’re currently making ends meet but we don’t know for how long,” she said gracegausden93 reports
, it is expected it could hit 5 per cent, or even higher, by the end of the year. Many fixed rate mortgages are being increased by 0.2 percentage points.
Nick Mendes of brokers John Charcol said: “In the past few years, it felt like property prices were increasing at the same pace rates were reducing. Along with the stamp duty holiday this deadly cocktail spurred more homeowners to borrow more to secure their home. While rates were cheap, this potential impact couldn’t have been foreseen two years ago.
“It makes no sense to me to lock in now as rates are so high. We’re going to continue to try and make ends meet for the next few months and see what happens. We are playing it month by month but are having regular conversations about selling although that is the last thing we want to do.”
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