Young face growing mortgage debt burden

Young first-time buyers are increasing their overall mortgage debt in order to tackle short-term financial pressures. The average mortgage term is lengthening from the traditional 25 years, according to figures from broker L&C Mortgages. Its figures show the proportion of new buyers taking out 31 to 35-year mortgages has doubled in 10 years. That means lower monthly repayments, but a bigger overall bill owing to the extra interest incurred. The extra total cost can be tens of thousands of pounds. Where can I afford to live? Your results – Amount…

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