The recent rise in interest rates is impacting people right across the spectrum of home ownership from those starting out to people who are already homeowners.

How much it impacts you will depend on your circumstances and where you are in your home ownership journey, but here are some things to consider if you’re worried about high interest rates:

1. Plan ahead – If your fixed rate mortgage deal is coming to an end your lender should be in touch with you to discuss this – start that conversation early so you know what the impact will be on your finances.
2. Shop around – your mortgage lender will offer you a range of rates, but it is a good idea to shop around to see what other mortgage lenders can offer. There are seven lenders who currently offer Co-Ownership mortgages.
3. Get financial advice – at Co-Ownership we don’t give financial advice, but we see the value in speaking to someone who does. Make sure that you are getting a full view of the whole range of lenders.
4. Talk to us – if you are worried about how you will be able to make your mortgage payments or indeed your Co-Ownership rent, please get in touch with us and your mortgage lender.

If you are over 55 and have built up some equity in your home or have a lump sum, our Co-Own for Over 55s option could help you. You use the equity from the sale of your current home or lump sum to purchase your share, and we buy the rest. There’s no need for a mortgage, and you pay an affordable rent on the Co-Ownership share. For more information about our Co-Own for Over 55s product click here.

Whatever the circumstances and wherever you are on the home ownership journey, our dedicated team of customer advisers are on hand to talk to you and point you in the right direction. Whether you are concerned about your finances or just want to chat about your options, give us a call on 028 9032 7276 or book an appointment by clicking here.