Looming interest-rate rises and a stagnant housing market mean first-time buyers could end up trapped and paying some of the highest mortgage rates experts have warned.
Those most at most risk are borrowers setting out today with small deposits.
Rates available for those with 10pc equity are far better than rates available for those with 5pc, a factor borrowers should be aware of.
We don’t know for certain how quickly rates will rise but we do know that it’s important to plan ahead and take into account all relevant information before taking out a mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE PAYMENTS