Lenders Offer 40 Year Mortgage Terms
In welcome news for first time buyers, it’s been reported by Moneyfacts that as many as 60% of all mortgage deals will now last up to 40-years as standard.
Traditionally, mortgages have lasted for approximately 25-years. However, longer mortgages have become more and more popular since the financial crisis.
40 year mortgages enable first time buyers the chance to keep their mortgage payments lower for a longer period. They also allow potential homeowners to qualify for a larger loan in order to purchase bigger and/or higher priced property.
With more financial commitments for individuals and their families, 40-year mortgages are a great way to make mortgage terms more manageable over a longer period of time.
If you’re interested in getting on the property ladder and looking to purchase a Shared Ownership home, we have a range of recommended mortgage advisors who specialise in part buy, part rent and can talk you through the purchase process. Simply get in touch directly to find out more.
Are you looking for a stylish and modern home in London or the South East?
Southern Home Ownership is dedicated to providing stylish, high quality and contemporary new homes for sale on a Shared Ownership basis.
If you're a first-time buyer and interested in owning a Shared Ownership property in London or the South East, then take a look at our range of developments.