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‘Mortgage-free’ age goes through the roof.
‘Mortgage-free’ age goes through the roof.
Over a third of homeowners in the UK expect to be well into their 60’s before they finally pay off their mortgage, according to new research by Post Office Mortgages.
The revelation is in stark contrast to just a generation ago when the average age of becoming mortgage-free was just 51 years old.
High house prices and the challenge of saving for a deposit have also meant that many homeowners are making the first step on the property ladder much later than their parents did – taking out their first mortgage at an average age of 33.
Other homeowners are pushing back outright ownership by remortgaging and using the equity in their home to fund other expenditures, the survey revealed. Nearly one fifth (18 per cent) stated that they have remortgaged to improve their current house or buy a second home, while a further one in 12 (8 per cent) have done so to support their children.
One in eight (12 per cent) are sure they will not be able to keep to their current mortgage term, while a further 14 per cent are sweating over meeting their mortgage terms.
However, the dream of owning our own homes outright remains as strong as ever – with four in five (79 per cent) saying this is something they wish to achieve.
WE SAY: If you are going to have a mortgage for 25 years or more, make sure you are paying the least amount possible for it. Call us on 08458 386938 to discuss your options.
N&P launches very competitive mortgage scheme
Norwich & Peterborough Building Society has launched a highly competitive three-year mortgage available to borrowers with deposits of 40% and over.
This deal, available to purchase and remortgage borrowers, offers a rate of 2.49% fixed for three years and has a maximum loan-to-value of 60%.
An arrangement fee of £295 is payable, either upfront or added to the mortgage advance.
A free valuation is offered to all borrowers, whilst those looking to purchase will receive a £200 rebate. Remortgage borrowers can take advantage of free legal fees.
Flexible features, such as overpayments, underpayments and payment holidays are available.
Mortgage fees highest in 25 years
Mortgage fees highest in 25 years
The average mortgage arrangement fee has risen to £1,522, the highest figure ever recorded by Moneyfacts.co.uk.
Despite a large number of mortgage lenders driving their rates down to record lows over recent months, arrangement and booking fees have been steadily rising. During the first three months of this year, fees have risen by £112, with average fees in the high loan-to-value market increasing the most.
A typical five-year fixed rate mortgage with a 90% loan-to-value today has an average fee of £1,433 compared with £929 in January this year. The average fee for a deal over the same term with a 75% LTV has a typical fee of £1,258 compared with £964 at the start of this year.
Whilst many mortgage deals offer competitively low rates, it is always wise to be aware of the hefty fees involved. We can put you in touch with an independent mortgage adviser who will be aware of all lenders fees, and can offer advice for the most suitable mortgage for any particular situation.