The Council of Mortgage Lenders says increase in mortgages of more than 25 years is mostly due to difficulty of keeping up with rising house pricesMore first-time buyers and home movers than ever before took out mortgages for longer than 25 years in 2015,as rising house prices made it harder to derive on, and slip up, or the housing ladder.
Affordability pressures occupy also boosted the number of borrowers taking on loans worth more than 4.5 times their salary,leading the Council of Mortgage Lender’s chief economist to warn that a “potential problem is building under the noses” of the Bank of England’s financial policy committee.
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Source: theguardian.com