Karen Noye, mortgage expert at the wealth manager Quilter

First-time buyers could find that it pays to hold off from buying a home right now.

Mortgage rates have been steadily increasing as the Bank of England puts up its base rate in an attempt to curb inflation, and further rises are likely to come. Each increase adds a substantial amount to monthly mortgage repayments, forcing buyers to stretch their finances even further.

A first-time buyer taking out a two-year fixed-rate mortgage with a 10 per cent deposit is now looking at an interest rate of 5.99 per cent. Monthly repayments on a £200,000 mortgage would be £1,288 — that’s almost 50 per cent more than the £897 monthly payments you would be making had you