Carney warns mortgage borrowers to prepare for tough future

By Lauren Burns

New mortgage borrowers have been warned by Mark Carney to prepare for a tough future of changing interest rates and wages, and to carefully consider affordability.

The Bank of England Governor has advised caution when considering mortgage borrowing, saying that "at some stage, during the life of [the] mortgage, conditions will be difficult." He says house buyers should look at their ability to cope with a change in personal and wider economic circumstances, and encouraged borrowers to be conservative when considering the loan amount, and to reach for the highest loan available for their current salary.

The falling value of the pound is expected to lead to an increase in foreign investment in property in Northern Ireland and the rest of the UK, so activity in the market is expected to remain stable.

If you are buying a property in Northern Ireland, or selling or remortgaging an existing house, contact one of the property conveyancing solicitors at Wilson Nesbitt in Bangor or Belfast by calling 0800 840 9290.