Sprive, is urging anyone on a variable rate to take advantage of any potential cut by overpaying the difference.
Read MoreMortgage holders urged to turn rate cut savings to fast-track mortgage freedom
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Borrowers can save £255 a month by taking a 40-year mortgage term, Moneyfacts says
Mortgage borrowers can save £255 per month by opting for a 40-year mortgage term over a 25-year term, research shows.
Read MoreOlder 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.
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