UK Finance Household Finance Review - comment from LiveMore

09 March 2023

Simon Webb, managing director of capital markets and finance at LiveMore, commented: “The UK Finance figures show there has been a rise in the number of people are taking out longer-term mortgages to stretch affordability. Over half of first-time buyers now take a term of 30 years or more but this also applies to over a third of home movers. UK Finance says the average mover could be well into their 70s before the loan is paid off.

“We are seeing people every day in their 60s, 70s and beyond needing to refinance their mortgage but many still don’t realise they can get a mortgage. More needs to be done to make people aware that finance is available regardless of age, and brokers are in the best position to do this. As mortgage terms become longer and more people are in or approaching retirement, they will need good advice as to all their options.”