and we're smiling about it. 
Should move to Germany or France spend half that amount get twice the size or retire sooner and enjoy life.
Why are Brits so keen to work until the grave?
source: https://www.thetimes.co.uk/edition/m...gage-q92bfc2m0
Should move to Germany or France spend half that amount get twice the size or retire sooner and enjoy life.
Why are Brits so keen to work until the grave?
More and more of us are having to take out 30, 35 or even 40-year loans, but there are risks
Lauren and Jamie Nazareth may be 69 when they make their final repayment
Lauren and Jamie Nazareth may be 69 when they make their final repaymentTOM STOCKILL
There was only one way for Jamie and Lauren Nazareth to move up the property ladder — take out a 39-year mortgage, but they could still be paying off this debt in retirement. The couple, both 31, signed up for a £450,000 loan with the Family building society last August to buy a house in Hanwell, west London.
The couple could be 69 by the time they make their final repayment. Their current state pension age is 68.
They are among the growing number of homeowners having to borrow for longer to afford their repayments. But, by doing so, they pay more interest and build up equity in their home more slowly. They are also less protected if interest rates rise and property prices stall — or even fall.
Last week the Bank of England’s chief economist, Andy Haldane, suggested a rate rise may be on the cards later this year. It would be the first since 2007. His comments come amid growing signs that the property market is cooling. Sales last year were 7% lower than in 2015, according to Lloyds.
David Hollingworth of the broker L&C said: “When an increase in interest rates does come it will push up monthly payments; something that is compounded by taking the mortgage over a longer term. Paying off the mortgage at a slower rate means homeowners will have a bigger balance to contend with.
“The current slowing rate of house price inflation is a timely reminder that homeowners can’t simply rely on rising prices to build their equity.”
More than 60% of first-time-buyer loans are for longer than 25 years, according to the Council of Mortgage Lenders — double the number a decade ago. Just over a third (36%) of those moving home borrow for longer than a quarter of a century.
But for homeowners looking to secure a mortgage, especially with a smaller deposit, extending the term could be the difference between getting a deal and having to stay in rented accommodation or a property that is too small for their family.
Lauren and Jamie Nazareth may be 69 when they make their final repayment
Lauren and Jamie Nazareth may be 69 when they make their final repaymentTOM STOCKILL
There was only one way for Jamie and Lauren Nazareth to move up the property ladder — take out a 39-year mortgage, but they could still be paying off this debt in retirement. The couple, both 31, signed up for a £450,000 loan with the Family building society last August to buy a house in Hanwell, west London.
The couple could be 69 by the time they make their final repayment. Their current state pension age is 68.
They are among the growing number of homeowners having to borrow for longer to afford their repayments. But, by doing so, they pay more interest and build up equity in their home more slowly. They are also less protected if interest rates rise and property prices stall — or even fall.
Last week the Bank of England’s chief economist, Andy Haldane, suggested a rate rise may be on the cards later this year. It would be the first since 2007. His comments come amid growing signs that the property market is cooling. Sales last year were 7% lower than in 2015, according to Lloyds.
David Hollingworth of the broker L&C said: “When an increase in interest rates does come it will push up monthly payments; something that is compounded by taking the mortgage over a longer term. Paying off the mortgage at a slower rate means homeowners will have a bigger balance to contend with.
“The current slowing rate of house price inflation is a timely reminder that homeowners can’t simply rely on rising prices to build their equity.”
More than 60% of first-time-buyer loans are for longer than 25 years, according to the Council of Mortgage Lenders — double the number a decade ago. Just over a third (36%) of those moving home borrow for longer than a quarter of a century.
But for homeowners looking to secure a mortgage, especially with a smaller deposit, extending the term could be the difference between getting a deal and having to stay in rented accommodation or a property that is too small for their family.
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