Published On: Fri, Aug 5th, 2022

Mortgage holders react to Bank of England raising interest rates to 1.75 percent | Personal Finance | Finance reader Bye and thanks for all the fish warned that there will be bleak financial times ahead.

They said: “Next comes the property price crash as hundreds of thousands default on their mortgage repayments, as the banks flood the market with cut price property to recoup their losses, then thousands of people are saddled with debt on property they no longer own.

“Seen it all before.”

Cecilia Mourain, managing director for Homebuying at app-based savings group Moneybox, urged first time buyers to ensure they are getting the best deal on their mortgage.

She said: “Since the start of the year we’ve seen lenders pull their popular mortgage deals at short notice, so it’s more important than ever first time buyers consider working with an informed and trusted broker who can secure the best rate in the shortest timeframe possible.

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