Borrowing over 30 years - the rising popularity of the longer term mortgage.
The number of home-buyers who are searching for a mortgage with a term of 30 years or more has risen by 8% over the last year.
If you are looking to buy a home and want to discuss a longer than average mortgage term, call us at Deal Direct on 0800 048 8828.
The reason for this shift in popularity to the longer term deal, is to secure lower mortgage payments. With prices rising and lending criteria getting tougher, buyers are having to think of what they can do to afford a home.
With changes to the pension age people will be working far longer, this makes paying a home-loan at 70 possible.
While a longer mortgage term will make repayments lower, in the longer term it will mean paying more in added interest and so it is vital to work out if this is really the best course of action.
If you are looking for a mortgage and want to discuss your options call one of our Deal Direct advisers on 0800 048 8828.
We are independent which means the advice you will be given is impartial and based solely on your needs and what is in your best interest.
Call us today to find out how much you could borrow and for how long.
Call Deal Direct – 0800 048 8828
