Increasing numbers of homebuyers are expecting to “work till they drop” as soaring property prices and high mortgage rates force them to take out marathon mortgages in order to be able to afford the monthly payments.
Faced with rising interest rates, the number of first-time buyers taking out 35-year-plus mortgages in 2023 is at a record high. Meanwhile, new measures to avert a “timebomb” include the ability for people to temporarily increase the term of their mortgage without damaging their credit score. But are these trends merely kicking financial trouble 40 years down the line, when homeowners could face being unable to retire because they are still paying off their mortgage?
