The experience of being a homeowner – once presented as the ultimate symbol of affluence and stability – is anything but secure right now 🏘️ Victoria_Spratt, theipaper's housing correspondent, explains why ⬇️ Analysis
in the UK is currently £290,000. As a representative example, if you have bought a £300,000 property with a 10 per cent deposit of £30,000 on a 25-year mortgage term, your repayments will cost £1,462.69 a month with an interest rate of 4.25 per cent.
Fixed-rate home loans are significantly more expensive than they were this time last year, particularly for those who do not have huge deposits and, therefore, amounts of equity in their homes. TheWhen these deals come to an end this year, mortgage holders will encounter much higher rates. report, while lower-income people are coping by missing payments, skipping meals, and eating less, middle-income people in their thirties and forties are turning to formal borrowing – such as loans and credit cards – to make ends meet.
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