He is considering whether he will have to sell up if he goes up the rent for his tenants because of the upheaval in the mortgage market.
The 64-year-old says I really feel for my tenants. One of them is really struggling, she pays her rent when she has the cash. I'm going to tell her that her rent is going up. She has been paying 395 a month, and it is now looking like it will go up to 450. That is an increase.
I'm really keen on reducing the overall term and I'm overpaying my mortgage by 100. I was doing well with my current deal. The 47-year-old says that while I knew interest rates would go up, I thought it would be an incremental hike, not an overnight jump.
It's so gut-wrenching because I've been doing all the right things - really trying to reduce my mortgage debt and get a stable job. I feel like the rug has been pulled from underneath my feet. The 45-year-old from Sheffield was expected to complete a house purchase on a day but that is now at risk because first-time buyers have been unable to secure a mortgage at higher rates.
The Treasury will continue to work closely with the sector in the weeks and months ahead, according to a Treasury statement after the meeting, as it is the responsibility of the sector to provide the best value for mortgage rates.