on mortgage deals becoming impossible for homebuyers
Homebuyers are vary about remortgaging
due to the fifth interest rate rise over a 6-month period, they
feel trapped and some are suffering financially.
The Yorkshire Bank’s mortgage
group showed that the Bank of England’s base rate increase
has caused 24 per cent of homebuyers to cancel taking on a maximum
First-time buyers are also finding
it very difficult to get on the property ladder, Yorkshire Bank
found out that 31 per cent of people were scared, they said if
interest rates increased once again it would leave them unstable.
Nearly 70 per cent of people feel that
house prices will continue to rise each month leaving only 17
per cent to disagree with this
Head of Retail at Yorkshire Bank, Gary
Lumby, said: “What our survey shows is prudence, not panic
- all the signs are that the market will still remain strong.
But with rises in the Bank of England’s base rate, and with
many economists predicting a further rise if not next month, then
in the near future, it is inevitable that homebuyers will become
more a little more cautious with their borrowing.
Even though the interest rate keeps
on rising, Yorkshire bank have shown that homeowners are willing
to suffer financially and buyers feel that owning a home is the
most important part of their lives. Nearly 24 per cent said owning
their property is the key and if losing the ‘high life’
cars, holidays, etc, they would have no option but to stop these
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