One-in-five loans taken out by first-time buyers in March were for more than 35 years
While the move makes buying houses cheaper in the short term, it means homeowners will be forced to pay out thousands more in interest as they gradually pay it off.
Industry figures show 19 per cent of all loans taken out by first-time buyers in March were for more than 35 years. Bank of England rates have gone up from 0.1 per cent to 4.5 per cent amid the cost of living crisis, affecting both new buyers and those who already own homes.The average age of a first-time buyer is now 32, according to Halifax.
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