The number of people aged over 50 who are searching for mortgages running from 21-25 years is up 83% from a year ago, with OAPs aged 70 also taking out loans
There has been a noticeable increase in older individuals looking for long-term home loans at banks and building societies. Research by Legal and General shows an 83% increase from last year in the number of over-50s looking for long-term mortgages that span 21 to 25 years
Against the backdrop of high interest rates, more people across all age groups are opting for extended mortgages as this lowers their monthly repayments, making them more manageable, reports the Express. However, this means that a significant portion of their pension income will go towards loan repayments, and the final interest bill will be higher.
The increase reflects a noticeable rise in the number of older re-mortgagers likely to carry substantial amounts of mortgage debt well into their retirement years. The size of the average loan amounts fluctuates depending on the age group of the re-mortgaging customer. The figure for borrowers aged 18-30 remained largely unchanged from a year ago at an average of £207,720, while those aged 51-55 were borrowing 18.9% more than a year ago at £197,343.
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