Wednesday, 12 July 2017

Popularity Of 35-Year Mortgages Is 'Storing Up Problems For The Future'

The rising popularity of 35-year mortgages could be storing up problems for the future, the Bank of England’s deputy governor has warned. As house prices have surged, a growing number of borrowers are being forced to spread home loans over a longer period than the traditional 25 years. Almost 16 per cent of all mortgages now last 35 years or more, against less than 3 per cent in 2005. The Bank is worried that many people taking out these loans will still be paying them off after retirement. Read more on the Daily Mail website.

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