First time buyers have been hit with devastating mortgage figures amid the cost of living crisis.
Runaway house prices and the hikes in mortgage rates mean someone aged 30 buying the average house today could face a monthly mortgage payment of £1,706. In comparison, this figure would have been around £1,159 in December 2021.
Millennials with mortgages tend to have reasonable savings levels, and enough cash left at the end of the month to be resilient. However, rising rates will eat into their resources
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Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, told the ECHO : "The good news is that millennial mortgage holders have some space in their budget. The bad news is that it will be eroded by rising prices, so that a year into the cost of living crisis only 37% will have enough savings and 8% will have enough cash at the end of the month to be considered resilient. It means an awful lot will struggle to make ends meet.
"To make matters worse, they already have weaknesses elsewhere in their budgets, most notably they may have overstretched themselves when it comes to debt. Fewer than one in ten are resilient when it comes to the affordability of debt, and two in five are when it comes to the uncertainty of future debts.
"This is a worse score than renters in any age group. They also score worse for their own view of how much debt they are carrying than any renters."
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