40-YEAR MORTGAGES ON THE RISE: WHAT ARE THE RISKS?

Choosing a longer mortgage term could cost thousands more.

The number of borrowers taking out mortgages lasting 35 years or longer has rocketed in the past 12 months, with uptake more than doubling, according to UK Finance.

The surge in longer-term mortgages means the average first-time buyer, aged 31, would still be paying off their home loan as they approach retirement age.

For cash-strapped buyers, a so-called ‘marathon mortgage’ can make the difference between an application getting accepted or rejected, but stretching out the costs will see you pay substantially more in the long-run.

Here, we reveal just how much extra you could end up paying by taking out a 40-year mortgage, and give tips on how to pay off your mortgage more quickly.

Read more: https://bit.ly/3LzeJjv

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