An
increasing number of mortgage
lenders have started offering what can be described as
lifetime rate mortgages.
(These are not to be confused with lifetime
mortgages, which are a variety of equity release plan
for the elderly.)
Lifetime rate mortgages are marketed as being deals you can
stick with for the entire lifetime of your debt.
How long is a lifetime?
Traditionally, this was 25 years, but nowadays a mortgage
term can be considerably longer or
shorter.
Some lenders will allow you to borrow for up to 40 years,
but you can choose a term of half that, or less, if you can
afford it.
Also, many of today's mortgages include flexible features,
which means you can make regular or occasional penalty-free
overpayments, enabling you to clear your debt even more quickly.
As more and more homeowners cotton on to the money-saving
possibilities of remortgaging
every few years to get a better deal, lenders are having to
come up with new ways to encourage them to stay put, and so
preserve their long-term profits.
Hence, the lifetime rate mortgage.
What's in it for me?
There are lifetime rate mortgages with interest
arrangements designed to appeal to every type of borrower.
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