Cathy Magee, 61, and her husband Ivan, 65, from Liverpool, lost their house and fell into £70,000 worth of debt after Ivan suffered three heart attacks in one week
Interest rates have risen rapidly in recent months, which in turn have ratcheted up mortgages and rents across the United Kingdom. Rates have hit 5% after being below 1% for the past decade as the Bank of England has tried to bring down the highest inflation in the Group of Seven major economies.
Analysts say now is a good time for Hongkongers to buy property in the UK. Here is what potential buyers need to know about mortgage requirements, the buying process and the types of loans available.
Homes over this value will also see a reduced rate levied.
These changes were broadly welcomed but the support is due to end on March 31 2021, with the old rules being reinstated beyond this.
With this deadline approaching, many would-be homeowners will be keen to take action before it s too late and this could create a problem for consumers heading through 2021.
Gary Hemming, a Commercial Lending Director at ABC Finance, explained how difficulties could emerge: With the stamp duty holiday coming to an end on March 31st, there will be a lot of pressure to complete before the deadline.
Mortgages may be impacted as the stamp duty deadline approaches (Image: GETTY)