Loan Digest

Shock rise of the 40-year mortgage

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The average age of a first-time buyer is now 31 and rising, according to Halifax, so there is a real prospect of people carrying mortgage debt into their 70s, and even 80s

The same mortgage over 40 years reduces the repayments to £659, but raises the total interest bill to £116,588 - an additional £47,419.

 

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