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NEWSLETTER
With a daily reminder that interest rates are on the rise, we definitely don’t need another article stating the obvious. However, what we can tell you is how interest rates will affect you in the property market.
As interest rates continue to increase, it will naturally impact one's affordability when trying to secure a mortgage. So the bigger story here, or the key take out, is that the quicker one locks in their interest rate and/or the quicker one buys a property, the greater one's borrowing rate will be.
As an example, when interest rates increase by 3%, the experts have advised that it will likely decrease the average borrowing capacity by 6%, therefore, decreasing one’s affordability.
As we are in an ever changing economic environment, it is important to keep the overall picture in mind, focusing on the long term vision, rather than the short term.
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