19 Oct

Mortgages: 40-year terms are becoming the norm – but watch out

First-time buyers could end up paying a lot more – and not be mortgage-free until their 70sMortgages with a maximum term of 40 years are now becoming the norm, according to new data this week. However, with the average age of a first-time buyer standing at 32, that raises the prospect of a generation of homeowners not achieving mortgage-free status until they are in their 70s.Latest research from the data experts at Moneyfacts.co.uk shows that 57% of the residential mortgage products currently available have a standard maximum term of up to 40 years – up from just under 36% in March 2014. Continue reading…

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