Northern Ireland is sitting on a 'mortgage timebomb' according to a property expert and people on short-term, fixed-rate mortgages could soon see higher rates - are you one of them? Get in touch via our story here ✍️
The "race for space" during the Covid-19 pandemic fuelled sales of larger, more expensive homes, says an expert
He said those with short-term, fixed-rate mortgages would soon face higher repayments when their deals expire. "We have consumers coming to the end of their terms and a core issue is that they actually might not qualify or pass the affordability checks with their current lender for their current property on their existing loan, which would be perilous," he explained.Mr McCord warned that some first-time buyers could be "locked out of the market and locked into the private rental sector" because of the rising upfront costs of getting a mortgage.
"We bought in January 2021 so our two-year fixed was coming to an end at the end of the year," she said.
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