🔴 Homeowners could be left paying off their mortgages well into retirement if they take up a new promise to extend their repayment terms, Jeremy Hunt has been warned
well into retirement if they take up a new promise to extend their repayment terms, Jeremy Hunt has been warned.After a
Mortgage brokers said there had already been an increase in the number of customers seeking to prolong their repayment terms. “We are seeing a lot of customers extending their terms when remortgaging to mitigate the rate rises,” said Andrew Mortlake of Coreco. “A common scenario is that people have 15 years left, and are extending to 20 years or to 25.”
Nick Mendes, mortgage technical manager at John Charcol, said: “More lenders are allowing mortgages to extend beyond 75, with some lenders not having a max age when the loan needs to be cleared. As we have seen with other mortgage products in the market such as equity release and retirement interest only, the prospect of having debt later in life is almost becoming the norm.”
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