Borrowers warned of retirement strife as mortgage terms stretch

Borrowers who opt for longer mortgage terms to lower payments may face difficulties in retirement, according to experts. The number of borrowers with mortgage terms of 35 years or more has increased significantly, with over 12,000 borrowers now repaying into their seventies. Concerns remain over the almost one million borrowers on partially interest-only loans. Personal finance expert Laura Suter warns that taking on mega-long mortgages without a plan to reduce them later could lead to financial strife in retirement. Mortgage broker Martin Stewart advises borrowers to have a repayment plan in place to avoid potential difficulties in retirement. 

The Sun (02/03/2023)