People across the city are worried and questioning how they are going to afford to live if interest rates increase.
The market is in turmoil after the government's announcements about their mini-budget on Friday, September 23. It could mean homeowners could be paying an extra £100 a month by the end of the week if interest rates rise by another 0.75%.
With mortgages in crisis and many mortgage deals being taken off the market, first-time buyers are now having second thoughts about owning their own home even if they already have access to one.
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Amy Elliot, 19 said: “It has put me off. I am supposed to own my own home soon. l am buying the house my mum is living in. Because of all this, I will have to pay more.
"It doesn’t make me feel good. I don't know how can I afford it. I am paid minimum wage. At the moment half of my wage goes on rent alone. It is just not fair.”
For those who own their own homes, the uncertainty has made people feel like their lives are at a tipping point as interest rate increases could see monthly mortgage repayments cripple households who are already having to balance the energy bill hike and cost of living increases in general.
A 42-year-old mum who did not want to be named said: "It horrendous on people. I can lose my house and it is going to ruin my life. I already work two jobs. I can’t pick up another, I have two little boys. It needs sorting out if we are going to be honest. I don’t know how we are going to cope."
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For a lot of young people, the recent announcements have not inspired them to invest their money and buy their own homes. It has made them put off buying and instead stick to renting despite it taking up most of their monthly wage packet.
Lucy Hackett, 21 said: “Yes this is all putting me off owning my own home. I don’t understand why it all has to go up and why all this is happening with the cost of living crisis. Why do we have to pay more just to live. Everything just keeps going and my rent takes up most of my wage anyway.”
Lucy is not alone in feeling put off by the recent announcements as many have decided to wait it out until taking the plunge on the property ladder.
Shaun Hart, 25, Kirkby said: “It all puts me off a little bit. It's not good in a short answer. It's not the best for people. It has put me off getting a mortgage with the way things are at the moment.”
Emma, 25 said: “It has put me off a lot. I won’t be getting a house unless it changes. Only then would it be possible for me to get a house.”
The heat is being felt by everyone including those who have paid off their mortgage as they sympathise with those trying to live in such uncertain times.
Jill Davies, 60, Chorley said: “I own my own home but I don’t pay a mortgage. It's all just awful. People are going to struggle - I am going to worry about other people having to pay.”
Around 3,960 residential mortgage deals were available on Friday, September 23. but this has dropped by at least 365 this week to around 3,595 deals, analysis for the PA news agency found.
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