After years of dirt-cheap rates and huge loans up for grabs, this year’s cost-of-living crisis could see mortgage lenders finally tighten the purse strings.
First-time buyers and families stretching their budgets for larger properties are likely to be hit as lenders rein back on the size of loans they are willing to hand out.
Households are already braced for a big squeeze, as energy bills and inflation skyrocket and the new health and social care levy tears a chunk out of pay packets.
Crunch time: Households are braced for a big squeeze as energy bills and inflation skyrocket, and the new health and social care levy tears a chunk out of pay packets
This week, it has been reported that HSBC is thinking of tightening up on lending, while the price of wholesale gas is tipped to send the average annual energy bill to £2,000.
Here, Money Mail looks at how the big squeeze of 2022 could hit your property prospects — and how you can still beat rising bills by finding a better mortgage deal.
Crunch time
Economists expect household spending to be an extra £2,440 this year, compared…
