Despite signs that the housing market is slowing down, especially in London, house prices have remained high due to the shortage of supply. This has meant that affordability has continued to be a major issue, especially in the south of the country.
Figures from the Office for National Statistics show that first-time buyers in London need to spend 13 times their earnings (based on full-time median gross salary) to get on the housing ladder, whilst in the North East the figure is five-and-a-half times earnings.
One in seven will be paying their mortgage at 70
With more people getting onto the housing ladder later in life, many homeowners are facing the prospect of paying their mortgage out of their retirement income or continuing to work into their old age. Recent research indicates than one in seven will still be paying their mortgage at the age of 703.
With more lenders providing a greater choice of later life mortgages, older borrowers could find that there is a better mortgage option available to them, so taking professional advice makes sense.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments