Are any other prospective buyers feeling the effects of this? If so please get in touch
Coopers Estate Agents Watford manager Alex McMorrin has already seen the crisis hit Watford buyers
“With current events, they could no longer afford the property on the new rates offered by their lender, so they were unable to proceed with the purchase.Economists now expect interest rates to more than double to 5.8 per cent by April, from the current level of 2.25 per cent. Interest rates had previously been forecast to hit 4 per cent by next May.This means borrowers may feel the need to rush to try and lock in offers ahead of future hikes in rates.
“I can see borrowing reaching over six per cent next year. The last thing you want then is to be stuck on a tracker mortgage.
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