A significant number of borrowers are attempting to
stretch mortgage terms to 35 or even forty years, with ‘maximum age at end of
term’ the most-searched term by brokers in August. This backs up research which
showed a 70% rise in 35 year-plus mortgages over the past two years. This trend
for elongated mortgages is potentially a result of rapidly increasing house
prices. With higher prices creating affordability issues, some borrowers are
looking to spread their mortgage out over a longer time period to lower the
monthly repayments. ‘Income multiple used for affordability assessment’, was
the second most-searched term in the residential market in August. Read more on
the Property Reporter website.
Labour chair of housing committee calls for urgent funds for affordable
homes in England
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Exclusive: Abena Oppong-Asare urges chancellor to unlock billions of
pounds, as housing associations say they could build 41,000 homes in 10
years
The L...
13 hours ago
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