FTB’s and home loan payers on tenterhooks
Rising property prices are fast becoming the hot topic of the moment for many would be first time buyers. However, recent studies reveal that at the market’s current momentum, many FTB’s will be unable to maintain repayment commitments on any type of future home loan plan.
The news comes in light of a survey into future issues of affordability conducted by one of the UK’s foremost housing associations. The institution has suggested that unless both public and private sector bodies undergo a mass new home building scheme over the next few years, at their current value, many FTB’s will be forced to commit to dangerously high value mortgage products which could jeopardise their financial stability.
Commenting on the findings, one expert suggested that a clear and real need for affordable housing has become blatantly apparent and it is within our Governments interest to ensure that consumer needs are met. There are already many thousands of homeowners within the UK who are struggling to cope with their loan commitments due to changes in economical conditions and further uncertainty with regards to rate rises has many mortgage payers on tenterhooks
