First-Time Buyers Opting For Longer Mortgages

Nearly half of first-time buyers – 45 per cent – picked a mortgage product of 30 years or over in 2018 to 2019, shows the latest English housing survey. Published by the MHCLG, the survey shows that in 2008 to 2009, the proportion of FTBs who opted for a mortgage of this length stood at 33 per cent. Overall, in 2018 to 2019, 19 per cent of mortgages were 30 years or longer in length and in 2008 to 2009, 7 per cent were. MHCLG says that this could be indicative of mortgagors adjusting their monthly costs over time – something renters do not have the luxury of doing. Read more on the Mortgage Strategy website.

https://www.mortgagestrategy.co.uk/news/first-time-buyers-opting-for-longer-mortgages/