reviews first time buyers mortgage deals
Mform.co.uk have found out that nearly
two million homeowners aged from 18-34 are going to find it difficult
keeping up with their mortgage
repayments due to unmanageable
rise of interest rates.
If the Bank of England’s base rate were to increase once
again to 0.25 per cent, this would leave 670,000 home owners
in the struggle to make repayments.
Mform.co.uk feel home owners should think hard before taking
out a mortgage deal.
Eamonn Rice, mfrom.co.uk chief stated that most homeowners are
using their savings to fund a deposit for their home.
Mr Rice stated that homwowners should make sure their income
fits comfortably with making repayments without getting ‘squeezed’.
During March 2007, first-time buyers took on a mortgage deal
worth 9.96 per cent, this greater than 2006 however people’s
income had risen by nearly 5.89 per cent which explained these
The Mortgage Advice Bureau concluded that majority of home owners
had switched to a fixed rate product to protect themselves from
further interest rate rises, figures showed 8 in 10 mortgages
were fixed rate products during March 2007.
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