It can dramatically cut monthly repayments – but there’s one rather big catch
New figures suggest that the traditional 25-year mortgage is becoming a thing of the past. More than half (51%) of those on sale have a standard maximum term of up to 40 years, according to the financial data website Moneyfacts – up from 36% in 2014. But is the 40-year mortgage a nifty way for desperate buyers to get on to the housing ladder – or a financial life sentence?
High house prices, escalating student debt and a rise in both the age at which couples have children and life expectancies are contributing to many people buying a home later and opting for a longer repayment term – even if it means they will be paying it off long after they have started collecting their pension.
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