Taking out a deal lasting 35 years or more is becoming standard among younger buyers
One in six borrowers is taking out a mortgage lasting 35 years or more, official figures show – meaning many will still be paying off their loans well into their 70s.
The data prompted one leading broker to declare that the traditional 25-year mortgage is “a thing of the past”, particularly when it comes to first-time buyers. But what are the pros and cons of opting to “go long”? Is it wise to saddle yourself with a major debt that you might still be paying off long after you have started collecting your pension?