LETTING & ESTATE AGENT

Many homeowners becoming a 'mortgage prisoner' in their own homes.

Many homeowners becoming a ‘mortgage prisoner’ in their own homes.

Latest figures from Nationwide suggest that house prices rose by an average of 0.1% in November. This is in contrast to the average monthly rent rose by 3.5% (to a national average of £749).

This comes at a time when the average property value in the UK sits at just under £300,000 according to Rightmove. This has caused issues for many would-be homeowners and those that are looking to re-mortgage. The Financial Ombudsmen has commented on homeowners becoming 'mortgage prisoners',  with interest only mortgages in the situation where they are unable to pay off their loan.