Longer mortgage terms would help scores of buyers

Research has found that half of buyers would consider a 40-year mortgage to help them get on the property ladder. Analysis from Santander finds that buyers could save £178,500 over 40 years if they bought rather than rented for the duration. The lender reckons a 40-year mortgage could help 3.25m more first-time buyers by lowering their repayments. The cost of an average monthly repayment for a 25-year mortgage falls by £263 when spread over a 40-year period, it said. And Moneyfacts found more than half of all mortgages available can have a 40-year term, up from a third five years ago.

The Sun (16/04/2019)   The I (16/04/2019)   Daily Mirror (16/04/2019)