The Sunday papers, including the Observer and Independent, were full of speculation about a downturn in the housing market and whether the Bank of England will increase interest rates again when it meets on Wednesday.
The number of people taking out mortgages of more than 30 years has doubled in the last two years, according to a Financial Times investigation which says millions could be paying off their home loans into retirement. Go here for a case study of a Leeds couple who could only afford to buy with a 40-year, 100% loan.
Meanwhile the FT says up to a million borrowers could see their mortgage costs rise by a third in the next 12 months as cheap deals come to an end.
More and more buy-to-let landlords are having their investment properties repossessed because of the recent interest rate hikes, reports the Telegraph.
Buy to let landlords aren’t the only ones feeling the pinch, according to the Mail. Up to a million homeowners are facing ‘a mortgage timebomb‘ warns the paper.