Comment on the UK Finance Household Finance Review

The UK Finance Household Finance Review has just been published and I have a comment from Simon Webb at LiveMore, the mortgage lender for the 50-90+ age group regarding the 30+ year terms.

Simon Webb, managing director of capital markets and finance at LiveMore, commented: “Since 2010 there has been a growing trend for people to stretch their mortgage affordability by taking out a term of 30 years or more. A combination of rising inflation, mortgage rates and the cost of living accelerated this trend in 2022 but UK Finance says the rate of growth in 30+ year mortgage terms is now slowing.

“It is not surprising that well over half of borrowers have opted for mortgages of 30+ years but there are also options for fixed for life mortgages. These are repaid when the borrower passes away, moves into care or sells up. With a rapidly growing ageing population we need to cater for their financial needs and that includes creative mortgages options.”

Published: 07 June 2023