The easiest way to cut the monthly mortgage bill is to spread payments over 30 years and not 25. Photograph: Matt Cardy/Getty Images
Mortgages with a 30-year lifespan are on the rise. The Office for National Statistics reveals that 23.3%, or almost a quarter, of all new mortgages are spread over three decades or more.
The 25-year mortgage has been dying since the early 1990s when it accounted for 70% of all mortgages. Today the figure is just 30%.
It's a worrying process that shows an increasing proportion of mortgage buyers opting to pay over a longer period.
The 25-year mortgage has been dying since the early 1990s when it accounted for 70% of all mortgages. Today the figure is just 30%.
It's a worrying process that shows an increasing proportion of mortgage buyers opting to pay over a longer period.
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