Mortgages lasting up to 52 years
www.moneynews.co.uk > Mortgages > Mortgages lasting up to 52 years
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Money News |
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Mortgages lasting up to 52 years
Mon 19th Feb 2007
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Research carried out by personal financial information provider Moneyfacts shows that while for many years the standard mortgage term lasted 25 years, in the current property market, a 50-year mortgage is no longer being ruled out.
According to Julia Harris, analyst at the group, lending organisations are increasingly coming alive to property owners' affordability issues by offering higher income multiples, interest-only loans and government schemes designed to ease the burden on those people investing in bricks and mortar for the first time.
Despite acknowledging that extending the term of a mortgage could reduce monthly repayments, Ms Harris explained how this was balanced by a lengthier mortgage term ultimately having higher rates.
"The key to reaching the much sought after status of mortgage-free living is to take control of your mortgage, overpay when you can and make sure you review your mortgage deal on a regular basis," she added.
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