Sharp rise in first-time buyers taking mortgages lasting at least 30 years

Halifax figures may herald death of 25-year mortgage, revealing that 28% of first-timers chose 30- or 35-year mortgage terms in 2016, up from 11% in 2006
The traditional 25-year mortgage could be on the way out, with growing numbers of first-time buyers opting for deals lasting 30 or 35 years – suggesting that many will still be burdened with home loan debt in their 60s and 70s. Continue reading...