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Millions face higher mortgage payments
Around 1.4 million homeowners are facing the prospect of much higher mortgage repayments as lower fixed rate deals come to an end. The Council of Mortgage Lenders is calling on the Bank of England to cut base rates to help those about to come of cheap fixed rates. The housing market has seen a slow down as far as mortgage approvals are concerned and many first time buyers are finding it harder to enter the market on a 100 per cent loan to value basis if they have the slightest whiff of bad credit in their background. One in four first time buyers say that they are prepared to relocate in order to maximise their chances of finding a home they can afford. Around 40 per cent said they would also take a second job to help boost their chances of securing their loan.
Michael Coogan, director general of the CML, said "There is a potential payment shock of anywhere between 30 and 60 per cent for many".
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