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Long Mortgage Terms Trap Young Buyers | Aberdeen News
Younger homeowners are locking themselves into 40-year mortgages, with two-thirds of those under 30 stuck in these long-term deals—meaning they won’t own their homes free and clear until they’re nearly 60. The reason? It’s cheaper monthly payments, but at a steep cost: paying interest for decades. But there’s hope—adding just £50 extra per month to your mortgage can save you over £10,000 in interest and get you debt-free nearly two years sooner. Boost that to £100 extra, and you slash over 3.5 years off your loan and save nearly £20,000. It’s a smart, powerful strategy many overlook. Listen…
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