Home Buyers Face £18,200 Extra Deposit Amid Rising Mortgage Rates
UKPulse Money Desk
Home buyers are reportedly needing an additional £18,200 for deposits to offset the impact of increasing mortgage rates this year.
- Five-year fixed mortgage rates have risen from under 4% in January to approximately 4.8%.
- The increase in mortgage rates is attributed to inflation expectations, influenced by the Iran war.
Home buyers are reportedly facing the need to put down an extra £18,200 in deposits to counteract the effect of rising mortgage rates this year. Five-year fixed mortgage rates, which were below 4% in January, have now reached around 4.8%.
This increase in mortgage rates is linked to inflation expectations, which have been influenced by the Iran war.
What this means for you: If you are a home buyer, you may need to budget for a significantly larger deposit.