![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/cost-of-living-the-homebuyers-anxious-about-their-mortgages/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/127479239_19_col_interest_rise_976-nc.png&description=Interest rates are set to rise again and many people are worried about the cost of their mortgages.From homebuyers to homeowners, BBC News has been talking to people who are going to be affected by the increase and has come to Derby to hear your stories. Image caption, Becky says economic recovery won't happen overnightBecky Smith, a case handler at a mortgage brokers in Derby, admits she is unsure about buying her first home. The 31-year-old has been looking for a three bedroom semi-detached house in the city, which comes with a price tag in the region of £200,000. She has a decent income and a deposit but says it's still a gamble."We started to briefly look before the rates had increased thinking, 'Yeah, we can do this', but with the rates now, we're a lot more hesitant," she says."If things keep increasing the way they are, the likelihood is we won't... I think a lot of first-time buyers especially at my age are going to be in that position."Through her work, Becky knows more than most how an interest rate rise could affect her, saying it would leave her with no "wiggle room" if she bought a property now.If mortgage rates rise to 6%, Becky won't be able to buy a house."It's not going to happen," she says. "A mortgage payment would be £150 more expensive. You've got to get to a point where you sit there and think, 'Financially, can I do this?'. And sadly for a lot of people the answer to that question is going to be 'No'."It's a scary time regardless of what type of borrower you are." Read our reports from other places in the UK:Image caption, Omar has put his plans to buy a property on holdVeterinary surgeon Omar Zaghloul moved to the UK from Italy in October 2018 and has been renting in Derby for the last two years. He had hoped to buy his home in England by the end of the year, but a rise in interest rates and higher mortgage costs have thrown his plans into turmoil. "My idea was to save for a deposit, but I cannot put all I save into that pot because I have re){kind=link}
Interest rates are set to rise again and many people are worried about the cost of their mortgages.
From homebuyers to homeowners, BBC News has been talking to people who are going to be affected by the increase and has come to Derby to hear your stories.
Becky Smith, a case handler at a mortgage brokers in Derby, admits she is unsure about buying her first home.
The 31-year-old has been looking for a three bedroom semi-detached house in the city, which comes with a price tag in the region of £200,000. She has a decent income and a deposit but says it’s still a gamble.
“We started to briefly look before the rates had increased thinking, ‘Yeah, we can do this’, but with the rates now, we’re a lot more hesitant,” she says.