35-year mortgages: ‘I had no choice but to get one’

I have a 40 year mortgage, and it was so we could afford a 1-bedroom flat, not even a house

It’s in London, mind you, but two people in well paid, full time employment with a deposit of 15% shouldn’t have to take out a 40 year mortgage as the only affordable option

I cannot stress this enough: get a mortgage advisor. They’re cheap and they get deals to mortgages not public facing. You will save a fortune doing so.

Yeah mine is a 35 year mortgage had to put down 90k deposit its a 3 bedroom. I feel blessed that im safe till 2029 though i only pay 400 a month

If i have money left over in tbe future I’ll definitely pay it off slowly

> Young homebuyers are facing huge challenges

and one paragraph later:

> Nicola Webb, a 34-year-old nurse

The article is even more sad when we consider a 34-year-old declared as youngsters and finally managed to get her hands on a property, probably created for the slums in the 1920s.

35 mortgages are great if you can overpay. It’s honestly recommend to take 35 over 25 if you wouldnt be able to overpay on 25, leaves more wiggleroom.

What a scam. Mortgage literally means “until death”. Mort meaning death, gage means until.

Interest is the biggest scam people consume. It creates money from thin air, and makes everyone poorer due to inflation. If people stopped eating interest and giving interest, things would improve rapidly.

The banking families removed the gold standard for money worldwide so they could print money from thin air.

At this point we may as well just move towards long term tenancies like they have on the continent.

Longer mortgages are the saner financial decision. Mortgages tend to be very cheap money so it makes sense to spread it out as long as you possibly can. Anyone who isn’t taking the longest term they possibly can is probably making a bad decision.

Took out a 35 year mortgage last year. Once a year had passed and we figured out what budget we could live on in a new home in a new area, we started overpaying. We have overpaid £15K so far and will continue. If times get tough we can always drop to paying the minimum we need to.

This is just to illustrate that not all 35 year mortgages are being taken out due to being at maximum stretch on affordability. That said, I find it very sad that there will be individuals on the other end of the scale who will still be making final payments 35 years from now. The housing crisis of current times needs fixing urgently by the next government through improvement of supply.

It seems like most people in this thread don’t actually seem to know how Mortgages work. A 35 year Mortgage doesn’t mean you MUST be paying it for 35 years. It means that the term you’ve agree with your lender that they’re happy to lend you over for a state initial term (2, 5, 10 years).

I got a 35 year mortgage initially. But I”ll be paying it off this year and its been nothing like 35 years. The factors that have changed to bring that term down:.

1. House value went up (improving Loan to value)
2. My income went up (improving Income to value ratio)
3. As you pay your mortgage off over time, the interest level goes down so you can then start paying it off faster
4. You can make over payments

All this “oh don’t get a 35 year mortgage cause you’ll be still paying it when you’re 70 just keep renting” is a load of guff.

Why didn’t she just buy 20+ years ago when they were affordable?

Joking aside, the £40k I paid for my house is now worth over £200k, I’d not be able to afford it on my own. It’s not even a lot in today’s market.

I’m 38 and had to get a house in my own last year after a relationship break up.

With my perfect timing it was exactly as Truss decided to shaft us all.

But with rising rates and being a sole income I had to go for the maximum mortgage term I could get which was 31 years, to keep costs down. So I won’t have my mortgage paid off until the day I “retire”.

I’m not in a bad position compared to a lot of people but I genuinely feel bad for the younger generation. I can see 40 year mortgages becoming the norm soon.

Is this really so terrible? Just because you have a 35 year mortgage, doesn’t mean it will take 35 years to pay it off. CBA doing the maths but lets pretend that your 20 year mortgage costs 600 a month and a 35 year mortgage costs 400 per month. You could just pay 200+ extra per month of your own accord. it would probably have negligible fees, especially compared to the interest saved. Then, if you go on holiday or have a leak or whatever, you can decide that you won’t overpay this month.

If you are sensible with money, then it should just add flexibility. I did the maths of whether I would get a 15 or 20 or 25 year mortgage when I bought my house and decided that mathematically, it didn’t matter but the 25 gave me flexibility. I’ll be paying it off in a few months time (20 years early).