Property News · October 29, 2021

UK borrowers warned: the days of cheap mortgages are over


As interest rate changes are coming ‘thick and fast’, owners may face big rises in their repaymentsBudget 2021: key points at a glanceBudget calculator: what does it mean for me?Read all our budget coverageThe era of record low mortgage rates looks to be over, borrowers were warned this week, with the government’s independent forecasters predicting costs will rise rapidly over the next two years.Inflation predictions from the Office for Budget Responsibility, (OBR) released alongside Wednesday’s budget, suggest that the cost of servicing a mortgage could grow by 5.6% next year and 13.1% the year after, as increases in the Bank of England base rate are passed on to borrowers. Continue reading…

Source : theguardian.com
Read more…UK borrowers warned: the days of cheap mortgages are over

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