The Times and Financial Times both reported this weekend on lenders gradually beginning to increase mortgages rates, due to upward pressure on funding costs, combined with a need to control a surge in borrower demand. Despite the signs of an increase however, experts were keen to point out that competition remains strong, and there are still some extremely low rates available.
The Mail on Sunday looked at the plight of the ‘Second-Stepper’, as new research from Experian suggests that home-movers will need to increase their mortgage by half if they want to move up the property ladder. Demand for housing is at its highest for 11 years, and with borrowers already stretching their budgets, next year’s anticipated rate increases could bring further problems.
Elsewhere the Sunday Times revealed that fewer than 1 in 20 adults has income protection insurance, despite figures showing that 2.2 million people were off work due to illness or disability
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE