A typical first-time buyer could need to raise more than £20,000 more for a deposit to keep their mortgage payments at the same level as before the Iran war started.
Mortgage rates have shot up since the crisis in the Middle East began earlier this spring and put upwards pressure on oil prices and inflation.
Although rates have started to fall a little, they are still far higher than pre-war levels, and analysis by estate agency Savills shows that first-time buyers looking to get on the ladder face a far more difficult task than before.
Shorts
The estate agency found that someone buying a £259,000 property – roughly average for a first-time buyer – on a 30-year mortgage, would face paying between £47 and £127 extra month, depending on their deposit size and length of fix they took out.
