Even with high interest rates and high prices, there has been a jump in mortgage enquiries
Many mortgage holders that are due to renew later this year will be frustrated with the news that the Bank of England has decided to hold interest rates at 5.25 per cent for another month, as the UK continues to battle the high inflation that has pushed up everyone's cost of living. But there is some good news.
In response to the Bank of England's announcement on interest rates, Nathan Emerson, CEO of Propertymark, said: “As interest rates continue to remain the same in order to combat levels of inflation this country has not witnessed for decades, Propertymark is optimistic that buyers will continue to adapt to these new market conditions.
According to research by Eligible, almost half a million people could miss their monthly payments over the next six months, with 492,000 mortgage holders set to miss a payment in the next six months. While, the 16-year high interest rates have already been having an effect on people's ability to repay, with 670,000 mortgage holders having already missed a payment in the past 12 months.
Bank Of England Mortgages Money
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