21% of UK first-time buyers took 35+ year mortgages in Q1 2024 due to affordability issues.
21% of new first-time buyers in the UK took out mortgage terms of over 35 years in the first quarter of 2024, according to UK Finance. This trend indicates ongoing affordability issues, as house prices and costs remain high relative to incomes. Longer-term mortgages could have wider societal implications, with concerns raised about the impact on retirees who take on ultra-long mortgages.
June 03, 2024
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