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ARTICLE · 06 JULY 2023

Rising Interest Rates Problematic For First Time Buyers

Wright Hassall
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For first time home buyers, purchasing a home can be a daunting task. With the added pressure of rising interest rates, the process can become even more challenging. Interest rates have been...

United KingdomFinance and Banking
Carol O'Leary
Carol O'Leary

For first time home buyers, purchasing a home can be a daunting task. With the added pressure of rising interest rates, the process can become even more challenging. Interest rates have been on the rise since 2015, and this trend is expected to continue in the coming years. This has led to a number of problems for first time home buyers, including higher mortgage payments, difficulty in qualifying for loans, and increased competition for affordable homes.

Higher Mortgage Payments

One of the most significant problems facing first time home buyers is the increase in mortgage payments due to rising interest rates. As interest rates rise, so do the monthly payments on mortgages. This can make it more difficult for first time home buyers to afford the homes they want, or even to qualify for a mortgage in the first place. Higher mortgage payments can also make it more difficult for buyers to save for other expenses, such as home repairs or renovations.

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