Mortgage lenders are taking increasingly more bold steps to make sure first-time buyers continue to get on the property ladder . The lack of first-time buyers able to afford property in the UK could lead to the eventual downfall of the housing market, with an estimated 17.3 million adults in the UK unable to get on the property ladder. Lender approaches to this problem include pushing group mortgages, extending income multiples and now increasing loan terms.
The standard and accepted length of a mortgage loan is 25 years, yet for many this repayment period is just not long enough. Approximately half of all first-time buyers are looking to commit to larger 50-year mortgages in order to get their feet on the property ladder. The figures were reported following a survey by property portal Hot Property.
The average age of first-time buyers is now approaching 30, meaning that many of these home owners could remain paying off their mortgage into their eighties, meaning that many debts will be passed down to children.
The managing director of Hot Property, Shawn Luetchens, said: "Fifty year mortgages are already popular in countries like Japan, and with the UK’s property prices very high and continuing to rise, it is not surprising that so many British first time buyers are interested in assuming these types of mortgage. What is concerning, is that a large proportion of them believe that their property will be the mainstay of their pension fund . Vast numbers of first time buyers, perhaps perplexed and frustrated by the current state of the property market, are burying their heads in the sand and not thinking their property and pension strategies through adequately."
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