Taking out a mortgage is a massive decision for anyone. No matter how old or young you are, taking out a mortgage is a lot of hard work and due diligence. Therefore, one must always be sure that they are making a good decision when considering a mortgage because the loan is going to be a lot of money that needs to be paid back. Having a 10-year mortgage could be a good option for people.
Key Takeaways:
- Mortgages are a massive decision for anyone to take regardless of how old they are.
- Taking out a loan requires a lot of hard work and research to make sure you are getting a good deal.
- Younger people are finding it difficult to get mortgages because of a lack of credit.
“In recent years, two-year mortgage deals have been the most popular, yet with the historically low interest rates rising, there has been a gradual shift towards longer fixes. After the base rate rose on 2 August from 0.5% to 0.75%, mortgage rates are likely to rise in turn, meaning those who have fixed for longer could be at an advantage.”