“The choice is do you buckle down for a few years and have a long retirement, or do you enjoy yourself now?” says Katrina. This couple have chosen the latter.They took out their current mortgage, a five-year fix, in July 2021 at a rate of 2.79 per cent. Their balance is currently around £183,000. The total amount they will repay over the 30 years is just over £283,600, which works out as £1.55 for every £1 borrowed.
That said, she admits that she does think about what will happen when they’re older and still repaying the mortgage. “It’s a job that has a shelf life. It’s mentally taxing, as every day it involves dealing with a lot of people with mental health issues and addiction… I’ve got it much easier than him,” admits Katrina.
According to UK Finance, the number of first-time buyers taking out 35-year-plus mortgages in 2005 was 2 per cent; in 2023, this had risen to 19 per cent. As it stands, more than one in five homeowners aged 55 to 65 currently have a mortgage and 6 per cent of retirees are still paying off their home.
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Source: Glasgow_Live - 🏆 4. / 97 Read more »