Mortgage borrowers can save £255 per month by opting for a 40-year mortgage term over a 25-year term, research shows.
Read MoreBorrowers can save £255 a month by taking a 40-year mortgage term, Moneyfacts says
Tag: mortgage terms
Older first-time buyers and longer mortgage terms rising in popularity are risking debt into retirement
According to research from Sprive, of the 827,000 first-time buyers who bought with a mortgage in 2023-24, 11.5% were aged 45 or over. This is almost triple the 3.6% figure recorded in 2019-20.
Read MoreFirst-time buyers typically borrowing for 31 years
First-time buyers are borrowing through mortgages that last an average of 31 years as the affordability of homes remains a stretch.
Read MoreWhat are the mortgage options for borrowers in later life?
Following years of stretched finances, some people are borrowing mortgages over longer terms.
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