Ultra-long mortgages 'can ruin retirement'

Experts have warned that middle-aged borrowers who are forced into longer mortgages because of rising interest rates risk ruining their retirement. Recent house price growth has already triggered a spike in older borrowers taking out longer-term mortgages to bring down monthly costs. In January and February, 478 borrowers aged over 40 took out a mortgage with a term of 35 years or more, according to official data from the Financial Conduct Authority, compared with 162 in the same period last year and 88 in 2020. Karen Noye, of mortgage broker Quilter, said the spike in middle-aged borrowers taking out 35-year mortgages was "concerning" as they risked having to budget for repayments in retirement. 

The Daily Telegraph (07/10/2022)