Homeowners struggling to repay mortgages

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by Kay Murchie

Over 2 million young homebuyers forecast that they will struggle to meet their mortgage repayments in future following the rising interest rates, according to research Reuters. If the Bank of England increase rates by a further quarter point, it is estimated that 500,000 homeowners will be unable to repay their mortgage.

mform.co.uk anticipate that a number of first-time buyers have used most of their savings or signed up for 100% mortgages to take their first step onto the property ladder.