Mojo Mortgages’ data has revealed that extending a mortgage from 25 to 35 years can cost the average first-time buyer an extra £87,180.
John Fraser-Tucker, head of mortgages at Mojo, says: “Our research has found with the current average mortgage rate for a two-year fix (75% LTV) at 5.44%, the total cost of an average-priced house (£285,000) varies significantly on the loan term.
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