According to the Yorkshire Bank, up to 25 per cent of homebuyers are looking to steer clear of a maximum mortgage . The implications of overstretching yourself financially, particularly in a time of rising interest rates and uncertainty in the housing market, are finally being understood.
However, one-third of consumers are still putting buying a house ahead of other financial obligations, cutting spending in order to afford a mortgage . The head of retail at Yorkshire Bank, Gary Lumby, reportedly commented that people buying houses are exercising caution.
However, the affordability crisis continues to plague many first-time buyers . Over three quarters of this group foresaw further interest rate increases. Fixed-rate mortgages remain the most attractive loan product, with borrowers looking to guarantee their position for a set period.
A number of fresh mortgage products are pitched at helping borrowers onto the property ladder . These include 100 per cent mortgages, shared ownership mortgages, home ownership plans, and others.
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