Rate hikes cut first-time buyers’ borrowing power

Ongoing interest-rate increases are seriously eroding the sizes of mortgages being offered to first-time buyers.

30th September, 2006

Ongoing interest-rate increases are seriously eroding the sizes of mortgages being offered to first-time buyers.

New borrowers will only be offered 75 per cent of the mortgages that they qualified for last December, if rates continue to rise at current levels.

The rate increases are putting huge pressure on prospective buyers, said Michael Dowling, president of the Independent Mortgage Advisers Federation (IMAF).

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