Property News · December 7, 2017

First-timers face paying nearly 50% more than other buyers for UK homes


FCA says new buyers may pay far more interest as they have to take out longer mortgages than previous generationsFirst-time buyers could pay nearly 50% more than existing home owners for their property because typically they are spreading their mortgage repayments for longer periods of over 35 years.According to analysis by the Financial Conduct Authority (FCA), which has scrutinised 10 years of mortgage data, taking out a £200,000 home loan for 35 years rather than 25 years at a 3% interest rate requires £38,723 more (46%) in interest payments. Continue reading…

Source : theguardian.com
Read more…First-timers face paying nearly 50% more than other buyers for UK homes

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