Being able to get a mortgage and buy your own home is becoming an increasingly distant dream for many people. With high house prices and interest rates on mortgages remaining upwards of five per cent, even those on above-average salaries are struggling to get a foot on the housing ladder.
This has caused a wave of people to start signing on to long term 30-year mortgages in order to meet banks' affordability criteria.
Since 2021, this has caused a 10 per cent increase in borrowers signing on to these long-term deals - meaning that the majority of homebuyers are now locked into 30-year terms.
Research carried out by Uswitch and Mojo Mortgages showed that the average term for a UK mortgage is now at a high of 29 years.
Read more on manchestereveningnews.co.uk
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