A worried mother of three is afraid she could lose her home after the recent increase to interest rates.
The changes made will affect almost four million households, with them set to face higher mortgage payments.
Lisa Landless, who has lived in Northfleet for over 15 years said, “It’s already expensive to live in Kent, and the interest rate increase is only going to make it more difficult for me and my family.
“We have worked hard to get to where we are, and now there’s a very real possibility of us losing our home.”
This is the first time the interest rates have increased in the UK in 10 years. With the official bank rate rising to 0.5% from 0.25%.
It is a positive for some though, with those who save seeing a slight increase in their returns.
This increase means that with the average mortgage in Britain being around £175,000, it will cost homeowners anywhere between £12 and £22 extra each month.
Not only is this increase going to make it more difficult for people currently with mortgages. It will also make it more challenging for those thinking about getting a mortgage.
Nicola Leaney, director for Orange Property Services in Kent, has admitted that it could in fact deter people from applying for mortgages at this moment in time.
The experienced estate agent and mortgage consultant said, “In my experience even just the idea of the interest rates going up puts people off buying or moving as they are worried about over committing themselves financially.
“So when the rates go up there is a scare for a little while, which will slow down the market. This will then force people trying to sell their property to lower the price.”