UK Mortgage Rates Are Soaring: Here's What You Need to Know as a First-Time Buyer

As the U.K. mortgage sector has been in turmoil, what do first-time buyers need to keep in mind as they buy their property.

Francis Gill, a financial advisor at London-based firm Humboldt financial, has a similar opinion.

after sovereign bond yields and Bank of England rate expectations both surged. This pushed up costs for borrowers as the BOE's base rate helps price all sorts of loans and mortgages in Britain. "With lenders costs increasing, volatile economic outlook, and factoring in service levels and future rate rises expect, we could be seeing average rate of 7% in the new year," he said.

"Make sure your credit score is accurately reflected, make sure they speak to an independent broker, consider fixing for a period {…] and consider any Early Repayment Charges," he suggests.

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