The rise of the 30 year mortgage – keeping repayments low.
With house prices rising, cash-strapped homebuyers are looking for ways to keep their repayments low. One way some buyers are going is extra long mortgage terms.
Demands for 30 year terms have doubled in the past year as buyers attempt to keep repayments manageable.
In the UK a typical mortgage term is 25 years, but with news of a potential bank rate rise buyers are looking to extend terms by a further 5 years.
This works for those who are in their 20s and early 30's, but over 35 this becomes more difficult as many lenders don't want to lend to people in retirement.
So if you are older what can you do?
The best advice is to enlist the services of an independent 'whole of market ' broker. At Deal Direct we have access to all UK lenders' deals, we can source you a mortgage from a large lender or small.
We can find you a mortgage from example a smaller building society who will access your application on its merits, a lender who looks at applications on a case by case basis.
If your circumstances are slightly more unusual such as you are self employed or you are an older borrower please call and speak to one of our advisers on 0800 048 8828.
We have lenders we can contact who will consider your application in a favourable light, who don't adopt a 'computer says no' approach.
To find a mortgage suited to your needs,
all us for advice on 0800 048 8828.
