Listen to article
Narrated by James Marriott
The idea of still paying off a mortgage in retirement terrifies me. But this is the reality that a growing number of people are facing- and it’s easy to understand why.
The average first-time buyer is 33, and it stands to reason that the later you start paying a mortgage, the later you are likely to clear the debt.
But, perhaps more importantly, houses are more expensive, so many buyers are opting to spread the cost of their mortgage over a longer term to make it more affordable.