Imagine being a first time buyer in Scotland back in 1980. You purchase a lovely detached 3 bedroom home for £15,145. What a bargain right? But how did you actually pay for this home. The average wage in 1980 was £124.50 a week and interest rates were a whopping 16%.

Since the 1980s, the UK has seen its economic highs and lows both in employment, income and as a result, interest rates. Only in the past decade have we seen an unusual state of stability with an unprecedented rate sitting below 2%. Dawn the end of 2022, suddenly we’ve been shaken out of this fantastical interest rate dream.

For a generation of new home buyers, the prospect of paying above 3% in interest for their mortgage may have felt like the world imploding. But for another generation, the perspective of history is perhaps reassuring. As of the end of January 2023, the official bank rate sits at 3.5%. Not, bad when compared to 1980.

If you’re not sure what you can afford, give our friendly sales team a call on 0800 458 1523 or send us a message. We can help you choose an independent mortgage advisor who will work with you to determine your affordability and find the best mortgage for you.