Abbey Mortgages: 67% wary of 25-year loans
www.moneynews.co.uk > Mortgages > Abbey Mortgages: 67% wary of 25-year loans
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Money News |
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Abbey Mortgages: 67% wary of 25-year loans
Mon 30th Jul 2007
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In a survey of more than 1,000 people, the bank revealed that only 23 per cent confirmed they would consider a 25-year mortgage.
Of the remaining proportion, 54 per cent said that they would definitely not take out such a long-term loan, while 23 per cent were unsure.
Reasons given by those who would not take up such a mortgage included the duration (27 per cent), uncertainty over the future (27 per cent) and the belief that interest rates could fall (23 per cent).
"It is clear that the public don't have much of an appetite for 25-year mortgages," said Sue Hayes, director of Abbey Mortgages.
"This is borne out by Abbey's own experience - we have launched 25-year mortgage products in the past - all of which had limited demand."
Last week, LV= revealed that one in six adults aged under 35 would borrow more than five times their salary in order to get onto the property ladder.
Related News : Mortgages |
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