Half first-time buyers opt for 35-year mortgage
03/05/2006 - 13:30:35Almost half of first-time buyers are opting for a 35-year mortgage, according to figures from Bank of Ireland.
About a quarter of first-time buyers opted for the 35-year term in 2004 and just 4% in 2000.
Other mortgage terms, which proved popular in the first quarter of 2006 included the 30-year and 25-year mortgage terms, which were selected by 25% and 15% of first-time buyers respectively.
"The long-term consequences of a 35-year term are not of concern to most of the first-time buyers interviewed as most don’t envisage having the same mortgage / home for life, because they anticipate that they will sell the property in the short to medium term" the bank said in a statement.
