The number of first time buyers struggling to make mortgage repayments will rise from 2.07m to 2.66m if there is another 0.25% rate increase, according to online mortgage company mform.co.uk.
New research shows thousands of first-time buyers have been hit hard by the recent 0.25% increase in the Bank of England base rate. The survey findings show 2.07m homeowners aged between 18 and 34 (the majority of whom will only recently have joined the property ladder) claim that they will now struggle with their mortgage repayments. This will increase to 2.66m if there is another 0.25% increase in the Bank of England base rate and, with the Monetary Policy Committee set to meet later today, some have predicted this will happen. Eamonn Rice, mform.co.uk chief executive, said: “There ha...
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