Extended mortgage terms dominate the market |
Over two-thirds of residential mortgages offer a term of 40 years. Traditionally, mortgages would last for a 25 year term. But in a higher interest rate environment, more lenders are increasing this part of their deals. According to Moneyfacts’ data, about 68% of residential mortgages now accommodate terms up to 40 years, up from the 57% seen this time last year. Increasing your mortgage term does mean you’ll pay less on your monthly repayments, and it could make it easier for first-time buyers to get a foot on the property ladder. However, it does mean your overall interest will rise. Read the full story |