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22Jun

Paying off mortgage by the time you retire no longer ‘a reality’ as quarter of first

A quarter of 25 34 year olds fear they will need a mortgage that lasts beyond their working life, a survey by the Building Societies Association reveals.

With many Britons living longer, buying homes later
cheap oakleys in life and retiring later, obtaining a mortgage that stretches past the traditional age of 65 could start to be the ‘new normal’, the BSA says.

But the research which quizzed more than 2,000 people
fake cheap oakleys found 27 per cent in the 25 34 age group worry they will struggle to obtain a mortgage into retirement because their credit history, income level or age will count against them.

Mortgage struggle: The average first time buyer age is now 36 statistics show and the BSA say longer term mortgages will become the ‘new norm’

High house prices and student debt mean many have to wait longer to save a deposit for their first property. The average first time buyer is now 36. In the South West the figure is 41, data shows.

At the same time, borrowers are seeking to lengthen mortgage terms to make
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cheap fake oakley sunglasses repayments more affordable. The traditional 25 year mortgage term is being replaced by30, 35 and even 40 years terms.

That can take many buyers beyond their retirement.

Banks have previously warned the Mortgage Market Review a new set of mortgage lending rules which came into force last April is making it difficult for homebuyers in their late 30s and 40s to obtain a home loan.

It says that the mortgage market needs to change to cater for this shift in borrowing

Paul Broadhead, head of mortgage policy at the BSA, said: ‘As the average age of a first time buyer increases, borrowing into retirement is becoming the "new normal", rather than a niche form of lending.

‘Despite the concern shown by younger homebuyers, it isn’t all doom and gloom. The building society sector tends to be more flexible and willing to offer mortgages that extend
fake cheap oakleys into retirement.

‘Some societies do not have upper age limits, tend to take the case by case
cheap oakleys approach to applications and are keen on developing long term products that cater to first time buyers who may want or need to borrow into older age. The sector is also keen to debunk the myth that once you are over 40 you are "too old to get a mortgage"’.

‘Given the population is aging and house purchase later in life is more common, the Government, regulators and financial services sector needs to cater for this change. Paying off a mortgage by the age of 65 is no longer
fake oakley sunglasses a reality for many.’

Building societies lent 12.7billion of gross new mortgages in the first three months of the year, data released last month showed.

This accounts for 29 per cent of all new lending across the market. Societies also approved over 91,000 mortgages in the first quarter.

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