Is 35 years becoming the new norm?

Is 35 years becoming the new norm?

The Telegraph was keen to highlight that in the first quarter of 2017 almost one in seven borrowers took a mortgage term of 35 years or more.  The Bank of England are concerned it could be storing up problems for the future as it might erode retirement finances and lead to borrowers paying a lot more interest over the additional term.  Although this move, to aid affordability and make the property purchase possible, is not ideal, experts suggest it is better than pure interest only mortgages.

With almost 5 million already working as freelancers, contractors etc in the so called ‘gig economy’ and with predictions that this number will soar.  The Mail on Sunday suggests there is increasing pressure on mortgage lenders to address this and show flexibility when considering mortgage applications. 

The Observer investigates the power credit reference agencies have over us, highlighting that they are not legally obliged to issue customers a default notice before applying a black mark to credit files, which can remain in place for up to 6 years.  When an error is acknowledged it can take up to 28 days to be corrected.  It suggests checking your report at least once a year. 

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