Could a longer mortgage term be the answer ?

Many borrowers have little alternative but to opt for longer mortgage terms. This can greatly help to pass affordability checks, but this trend is not particularly new, nor something that should be a big concern.

There have been some murmurs within the industry around the prevalence of longer mortgage terms, as current data shows a jump in the number of mortgages now taken out over 30, and 35 year terms.

Many brokers question how new this trend really is, noting that borrowers have been looking to stretch terms in order to meet affordability requirements for years. There is also the argument that due to overpayments and the ability to change the term in the future, it need not be a cause for concern either.

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