New figures reveal how mortgage rates in Alnwick, Berwick, Morpeth, Cramlington and Ashington have changed in the last year
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As a result, it is now more difficult than ever for first-time buyers to secure a home of their own, and has made life difficult for those looking to move.
New research conducted by Better.co.uk reveals that the most searched-for concerns of UK property buyers and homeowners is mortgage rates.
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Hide AdAlnwick mortgage rates increased 100% in the year to Feburary while in Morpeth, mortgage rates rose by 200%.
In Cramlington the increase was 450% and in Ashington, mortgage rates have risen by a whopping 600% year-on-year. House prices there have generally risen by around 100%.
In Berwick however, mortgage rates and house prices have remained steady.
Sam Amidi, head of mortgage sales at Better, said: “Buyers should ensure they shop around for the right mortgage deal. Potential buyers should also consider that they put down as big a deposit as possible, as this will increase their access to better mortgage deals with lower interest rates."
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Hide AdBetter.co.uk also identified those most affected by the increasing rates. This included:
- First-time buyers, as the already hefty cost of a property, monthly payments and cost of living has risen ;
- Those coming to the end of a low fixed-term rate;
- Anyone on standard variable rate mortgages, as mortgage interest rates are subject to change in response to the market and the base rate;
- Those with lower household incomes, who will feel the strain when it comes to higher mortgage rates and repayments, putting more financial pressure on households.