Fifty years to pay off your home loan
As house prices continue upwards, mortgage brokers have recently sounded a warning that young people could spend their entire working life paying off their mortgage.
Although not widely publicised, many lenders already offer mortgages of thirty and forty years, and the prospect of loans that stretch to fifty years could soon become reality.
Our business presenter Tanya Beckett, who's been looking into the new mortgages, warns buyers to do their homework thoroughly.
Before you take out a loan of 30, 40, or even 50 years, you must make sure that you are allowed to pay it off more quickly, if your income goes up.
You should also research house prices in your local area.
You'll have to make up your own mind whether your local housing market has hit a peak. But you should be aware that prices of buy-to-let flats are already falling in some areas.
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