7% Interest rate? Chaos for Homeowners?

The fallout from the recent budget announcement has triggered all sorts of concerns for homeowners, or more specifically those with mortgages. With predictions of 7% interest rates, falling house prices and mortgage lenders removing products then adding new ones at a higher rate, what does it all mean?

Rising Mortgage Rates in 2022

The Bank of England has once again announced an increase in interest rates. The 3rd in 4 months. If you are putting off reviewing your mortgage or you are coming off a special rate in the next few months then now is the time to act. Analysts are predicting worse to come.

Bank of England considers reducing mortgage stress rates

Following the financial crisis, stricter affordability requirements for mortgages were introduced. The changes introduced in 2014 made it significantly more difficult for borrowers to obtain a mortgage, those that could often weren't able to buy a house in the price range they wanted. The BoE is now considering changes.