Stay on top of how major changes will hit the Watford property market
Lenders will no longer be forced to calculate whether potential borrowers could afford interest rates climbing by 3%.He said: “I feel first-time buyers should be particularly cautious about biting off more than they can chew. Interest rates will rise further over the next few years.Coopers Estate Agents. Picture: Google Street View
“Just because the Bank of England has removed this calculation does not mean you can’t factor it in for yourself; be cautious, getting on the property market is sensible, as long as its within your means.”Mr McMorrin added: “People were being sold loans they would not be able to afford if interest rates rose, a striking similarity to our current situation.“This could leave buyers in a difficult financial position with the cost of living increasing.
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