First-time buyers must quadruple deposit to £106k to buy average £247k home with current rates 🏠 Experts warn it is the 'worst time ever' to be entering the market from scratch
Mortgage rates have been rising since the mini-budget, with the housing market expected to slow in the coming months as buyers find themselves priced out.
The last time the average two-year fixed rate mortgage was this high was in August 2008 when it sat at 6.94 per cent. For example, a rate of 7 per cent will require a deposit of 46 per cent, while an 8 per cent rate will require a 50 per cent deposit. This is a rise of £559 per month – nearly 60 per cent – compared with when rates sat at two per cent.
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