Brits looking for longer-life mortgages
Published On 6 December 2006
A large number of Britons would be happy to opt for long-life mortgages in a bid to keep yearly repayments down, new research has found.Around half of hopeful first-time buyers would prefer to extend the life of their mortgage rather than borrow money from friends or family, the poll by Hotproperty.co.uk discovered.
Increasing numbers of lenders are now offering 50 year mortgages in a bid to attract first-time buyers, meaning many consumers could be well into the 80s before they repay the amount.
Hotproperty's managing director, Shawn Luetchens, commented: "Fifty-year mortgages are already popular in countries like Japan, and with the UK’s property prices very high and continuing to rise, it is not surprising that so many British first time buyers are interested in assuming these types of mortgage."
Almost half of those surveyed also thought that the current property market is overvalued, meaning many may wish to hold off until such a time as when prices are more reasonable.
