40-year mortgages aren't a solution for first-time-buyers - they will keep house prices high

40-year mortgages aren’t a solution for first-time-buyers like me – they will keep house prices high 🖊️ CallumCMason

But over the life of the mortgage, the extra interest would mean paying back more than £170,000 extra to your lender. Fantastic news – if you’re a shareholder at a bank.

I’m 29 years old now, and less than two decades ago I’d have been at the average age of a first-time buyer. Generations gone by have been able to aspire to home ownership without these sorts of costly gimmicks, and so if 40-year mortgages are the answer to a problem, the problem is very serious and requires real attention rather than a minor regulatory tweak.

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