It can dramatically cut monthly repayments – but there’s one rather big catch
New figures suggest that the traditional 25-year mortgage is becoming a thing of the past. More than half of those on sale have a standard maximum term of up to 40 years, according to the financial data website Moneyfacts – up from 36% in 2014. But is the 40-year mortgage a nifty way for desperate buyers to get on to the housing ladder – or a financial life sentence?
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