Monday, October 24, 2011
Another Home-Owner-Ist Milestone
"Millions are at risk of becoming â€˜OAP mortgageesâ€™ as they buy their first homes later in life. Many are being forced to rent for much longer than intended because of job insecurity and a credit drought. Banks and building societies are also demanding large deposits before approving loans. As a result, more than a quarter of private tenants currently seeking to buy are now in their 40s. If they do manage to get on the property ladder, they will be faced with either paying off their mortgage faster than the 25-year norm, or being lumbered with repayments well into their 70s."