As interest rates continue to soar, the government is considering ultra-long mortgages as a possible means to boosting homeownership.
For some, a longer mortgage term could be a leg-up onto the housing ladder. Longer mortgage periods allow potential homeowners to borrow larger sums, which should allow access to a greater variety of available homes.
Yet calculations have shown just how expensive these deals could end up. One estimate for an average mortgage puts monthly repayments at £1,140. Over a 50-year term, that would mean £472,984 paid in interest alone!
Whatever the government chooses, we’ll be here to help you achieve your property goals.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.