38% of all mortgages taken out in 2017 will not be paid back until the borrower is at least 65, according to research from Countrywide.
According to the mortgage broker Countrywide, this is a record number of people unable to repay mortgages until at least the age of 65, and represents a 24% increase in just 10 years. The traditional mortgage repayment length is 25 years, however a number of high profile lenders have increased their maximum term length to 40 years.
Mortgage Lenders Extend Repayment Periods
Affordability has been cited as one of the reasons that borrowers need a longer time to repay their mortgages, as house prices have continued to rise over the past decade. While lenders are reluctant to allow borrowers to repay into retirement, they have eased their opposition, providing they are confident that those borrowing can afford it.
Find out more on the extending mortgage loan periods on the Financial Times website.
