More taking out marathon mortgages

Figures from the Financial Conduct Authority show the number of borrowers taking out "marathon" mortgages lasting 35 years or more has reached its highest level since the 2011 recession. Some 28,310 mortgages running for 35 years or more were approved in 2017 - a 27% annual rise. Barclays last week extended the maximum term on its Family Springboard mortgage from 25 to 35 years, a further sign that first-time buyers are being encouraged to take out marathon deals. The FCA said 2.5% of mortgage approvals in 2017 were for marathon deals, compared with 1.6% in 2011.

The Sunday Times (30/06/2019)