A survey of 1000 prospective homebuyers has been conducted by Kensington Mortgages and revealed that 23% are worried about overstretching themselves financially when purchasing a property. This compared with 14% who were concerned about losing their job. 22% are concerned about paying inflated house prices.
People living in the North were most concerned about an economic downturn and interest rate rises, whereas Londoners showed the most concern over being able to get on the property ladder in the first place.
It is evident, according to Kensington Mortgages, that consumer debt and spending is on the increase and people are in danger of overspending. It is important for people to take a step back and review their financial affairs before committing themselves to a mortgage.
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