50+ homeowners seek longer mortgage terms due to interest rate challenges and affordability crunch, with 21-25 year searches up 83% Q1 2024.
Legal & General Mortgage Services' Ignite platform data shows a significant increase in homeowners aged 50 and over seeking longer mortgage terms, with searches for 21 to 25-year terms up by 83% in Q1 2024 compared to the previous year. This trend is attributed to the challenging interest rate environment and the ongoing affordability crunch. The average loan amount for over-50s looking to re-mortgage is £217,065.
July 27, 2024
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