Long mortgages can contain pitfalls

Recent research from Santander suggests that almost half of buyers would consider taking out a mortgage for a 40-year term in order to get on the property ladder. But this has prompted worry about whether lower repayments add up to more in the long term. While a longer mortgage means reduced monthly repayments, interest payments are significantly higher for long mortgages. There may also be less flexibility in moving products and providers, which may be necessary as over such a long term, household circumstances are likely to fluctuate considerably.

The Observer (28/04/2019)