Growing mortgage debt burden faced by new buyers

growing mortgage debt burden
Two thirds of tenants break conditions of tenancy agreement

According to figures from broker L&C Mortgages, new buyers are often increasing their overall mortgage debt in order to tackle short-term financial pressures.

The figures show that the proportion of young first-time buyers taking out 31-35 year mortgages, rather than the traditional 25 years, has doubled over the last 10 years.

Although this will mean lower monthly repayments, it can result in an extra cost of tens of thousands of pounds over the lifetime of the mortgage.

 

Full story available from BBC News: http://www.bbc.co.uk/news/business-41580087

 

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