Saturday, May 25, 2024
Home Business Average mortgage term for first-time buyers rises to 32 years

Average mortgage term for first-time buyers rises to 32 years

by News Room
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So-called “marathon mortgages”, 30 years or longer in length, have become much more common in recent years. Some see them as a way to help younger buyers onto the housing ladder, by offering lower monthly payments. However, others have warned that the extra interest payments resulting from the longer term makes them bad value. Over the course of a “marathon mortgage”, the homeowner has to pay significantly more than they would over a traditional-length deal.

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