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Would you be prepared to take out a 57-year mortgage?

It was revealed last week that Abbey can stretch to provide a mortgage with a whopping term of 57 years depending on client circumstances. Other lenders such as Tesco Personal Finance and Halifax are offering similar half-century deals in an attempt to help first-timers get on the property ladder. So this week Mortgage Strategy asks would you be prepared to take out a 57-year mortgage?

Marcus Rapp, 35, researcher
Given that it’s harder than ever to get on the property ladder I would look into a 50-year deal. I wouldn’t worry about the length of time because whatever happens, you have your house as an asset.

Oly Durey, 24, contract designer
The Abbey mortgage sounds like a suicide mortgage to me. If you can’t afford to get onto the property ladder, don’t try. I wouldn’t trust anything from lenders such as Abbey but if people are stupid enough to go for a deal like this, good luck to them.

Boris Thuers, 28, senior designer
A firm that has changed its logo twice in a year cannot be trusted to be reliable. A 50-year mortgage seems like too much of a burden – something I wouldn’t want to be worrying about. I know a mortgage is a big thing but it shouldn’t have to take over the whole of your life.

Andrea Berti, 35, senior designer
I wouldn’t go for something like this. For a start I’m too old, but even when I was younger it wouldn’t be for me. I mean, what do these mortgage companies want, my arm or my leg? You have to put too much into paying for a home and something like this only adds to the burden.

Andrew Miranda, 42, accountant
I already have a mortgage I have been trying to pay off for years. I can’t imagine having a bigger one. If I had such a deal I would not be comfortable – I would feel too tied down.

Andy Andreou, 26, creative account manager
For me as a first-time buyer, the idea of a 57-year mortgage doesn’t sound like such a bad idea. I need all the help I can get as I try to get on the property ladder so an option that gives me longer to pay off my debts sounds appealing and is definitely something I would consider.

Shane Feather, 25, IT support manager
I think 57 years is far too long to be tied to a financial commitment. You are paying more for the interest anyway so what’s the point of prolonging it? It would be OK for a first-time buyer who wanted to keep up a high standard of living but I’m sure that, for most first-timers, there must be another way.

Robert O’Flaherty, 21, student
I would panic if I was getting near retirement and had not paid off my mortgage. I would much prefer to take a shorter term loan and move up the property ladder that way. I’d know I would have more assets when I reach old age.


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