Soaring energy bills ‘will wipe £15,000 from your mortgage offer’

’Property buyers could see £15,000 cut from their mortgage offer as banks take a negative view of soaring household bills. The cost of energy, fuel, food and clothing has risen in recent weeks and this is likely to continue. The energy crisis in particular has added huge pressure on to household bills. If inflation continues to rise at the predicted pace it will add an additional £1,831 to the household bill of an average family by the end of the year, according to analysis published by the Centre for Economics and Business Research, a think tank. The predictions by the CEBR are based on inflation rising to 4.1% in October, 4.6% in November and falling back slightly to 4.3% in December. Higher outgoings spell bad news for prospective homebuyers looking to secure a mortgage in the coming year, with first-time buyers especially at risk. 

The Daily Telegraph (09/10/2021)