{"id":674326,"date":"2026-07-05T01:46:23","date_gmt":"2026-07-05T01:46:23","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/674326\/"},"modified":"2026-07-05T01:46:23","modified_gmt":"2026-07-05T01:46:23","slug":"the-buyers-taking-out-the-shortest-mortgages-to-be-debt-free-in-their-forties","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/674326\/","title":{"rendered":"The buyers taking out the shortest mortgages to be debt-free in their forties"},"content":{"rendered":"

First-time buyers, on the whole, are taking out longer mortgages as they attempt to manage affordability concerns \u2013 yet there are some are bucking the trend in a bid to cut down future debt.<\/p>\n

Those buying their initial homes take on average loans of 31 years, according to UK Finance data, up from 28 years a decade ago.<\/p>\n

The logic is simple. Longer mortgages cut monthly payments, as the debt is repaid over a longer period.<\/p>\n

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\"\" <\/p>\n

Your sleep has a huge impact on your heart health<\/p>\n

How sleep and your heart
health are linked<\/p>\n

\"\" <\/p>\n

Adults who regularly sleep fewer than seven hours are at increased risk of high blood pressure, obesity, heart attack and diabetes.\u00a0<\/p>\n

The risk of coronary\u00a0artery disease is 45 per cent higher in adults with short sleep durations at night.<\/p>\n

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LIFESTYLE<\/p>\n

4 min read<\/p>\n

\nThe bedtime habits that reduce risk\n<\/p>\n

\"SleepSleep tourism in hotel. Exhausted woman sleeps sweetly in bed in the morning \u2013 stock photo. (Photo: Getty)<\/p>\n

Consistency<\/p>\n

Keep daytime naps to less than 20 minutes and aim for seven to eight hours sleep per night.<\/p>\n

Wind down<\/p>\n

A reasonable 20-30 minute bedtime routine can include reading, light stretching, and meditation.<\/p>\n

\"AA mature man meditates in the last sun rays coming into his bedroom \u2013 stock photo. (Photo: Getty)<\/p>\n

\"Close-upCaption: Close-up view of female jogger tying laces of her sport shoes before running exercise routine. Motivation, healthy lifestyle and fitness concept.
Photographer: Xavier Lorenzo
Provider: Getty Images
Source: Moment RF<\/p>\n

Time your exercise<\/p>\n

Vigorous exercise within three hours of bedtime can cause insomnia.<\/p>\n

The bedroom environment<\/p>\n

\"PensivePensive young Asian woman sitting on bed writing on journal in cozy bedroom. Copy space. \u2013 stock photo. (Photo: Getty)<\/p>\n

Sleeping in a bedroom with bright overhead light has been associated with a higher risk of major cardiovascular events, including\u00a0heart attack\u00a0(47 per cent higher risk),\u00a0stroke (28 per cent) and heart failure.<\/p>\n

Darken the room with blackout blinds or an eye mask, avoid blue light and leave your mobile phone outside your bedroom. \u00a0<\/p>\n

\nThe bedtime habits that reduce risk\n<\/p>\n

Food and drink<\/p>\n

Alcohol, nicotine, caffeine and large evening meals can all disrupt sleep quality.<\/p>\n

\"AOne theory is that alcohol and drugs can hijack the brain\u2019s pathways (Photo: Guillermo Spelucin\/Getty Images)<\/p>\n

\"\" <\/p>\n

Know your numbers<\/p>\n

If your blood pressure at bedtime is consistently high, consider discussing medication with your GP.<\/p>\n

Beware of snoring<\/p>\n

Sleep-disordered breathing is linked with cardiovascular conditions, so it could be time for a GP evaluation.<\/p>\n

\"YoungSeparate bedrooms is not the first step on the road to dissolution; it\u2019s the route to joint survival (Photo: LordHenriVoton\/E+\/Miljan Lakic\/Getty)<\/p>\n

\"BrainAlzheimer\u2019s can be seen on brain scans (Photo: Tek Image\/Getty)<\/p>\n

HEALTH<\/p>\n

Reflecting on the early signs of dementia<\/p>\n

Three families reflect on the early signs of the illness, which affected their parents.<\/p>\n

They include the things they missed or dismissed, what they\u2019d do differently and what they\u2019d want other people in the same position to know.<\/p>\n

\nRobert and his mother Joyce\n<\/p>\n

She fell for a scam<\/p>\n

\"RobertRobert\u2019s mother Joyce spent her last six years in a care home<\/p>\n

One of the first incidents that rang alarm bells for Robert was his mum falling victim to a suspected scam from someone selling mattresses door-to-door.\u00a0<\/p>\n

She also started to struggle with cooking and making her special dishes she\u2019d been making for decades without a problem.<\/p>\n

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LIFESTYLE<\/p>\n

5 min read<\/p>\n

Did he tell his mother?<\/p>\n

We [had] just sort of played along with everything. But on one particularly bad day, I blurted it out over the phone, \u2018Because you\u2019ve got dementia, mum!\u2019 She threatened to kill herself, which was very scary. Maybe it\u2019s something I should have explained properly to her from the get-go.<\/p>\n

JOYCE WAS DIAGNOSED WITH ALZHEIMER\u2019S IN HER EARLY SEVENTIES<\/p>\n

\"OldOld man with dementia enjoys sunny weather \u2013 stock photo. (Photo: Getty)<\/p>\n

\"\" <\/p>\n

Rosie became a carer
in her early thirties<\/p>\n

I think we missed some of the really early subtle signs.<\/p>\n

Rosie\u2019s mother was diagnosed with Young Onset Alzheimer\u2019s Disease at 58 but some symptoms, like brain fog, were put down to the menopause. <\/p>\n

She had become more forgetful, and was repeating herself, but as she had always \u201cbeen scatty\u201d it was dismissed.<\/p>\n

She became fixated<\/p>\n

It was on strange things like going to\u00a0the same buffet.<\/p>\n

Chloe was just 14 when her mum, Sarah, was diagnosed with young onset frontotemporal dementia, a rare form of the disease.<\/p>\n

\"\" <\/p>\n

Another time Sarah, who was diagnosed in her forties, forgot how to boil an egg.<\/p>\n

On Saturdays, when she\u2019d usually go shopping, she\u2019d go out and come straight back home, almost like she was forgetting
what she was going out for.<\/p>\n

Unused or unwanted subscriptions cost consumers \u00a31.6bn.<\/p>\n

Writer Sadhbh O\u2019Sullivan looked into her own forgotten subscriptions when she became a first-time buyer, and realised how much she was wasting on things she wasn\u2019t using. <\/p>\n

\"\" <\/p>\n

\"CloseAre you good at managing money (Photo:
Peter Dazeley\/Getty\/The Image Bank RF)<\/p>\n

The hidden spends that go unnoticed<\/p>\n

I\u2019d long considered myself to be quite a reasonable spender.\u00a0<\/p>\n

But the hidden costs across her bank accounts, like free trials that hadn\u2019t been cancelled and memberships for abandoned services, proved otherwise. <\/p>\n

It was full of small amounts, \u00a32.99 here, \u00a34.50 there. These small amounts added up. <\/p>\n

\nThe ghost subscriptions\n<\/p>\n

Sadhbh isn\u2019t alone. <\/p>\n

19%<\/p>\n

According to a Nationwide survey almost one in five Brits don\u2019t use every platform they pay for.<\/p>\n

The bank suggests they could save as much as \u00a3400 a year by ditching them.\u00a0<\/p>\n

4.7 million<\/p>\n

National Trading Standards\u2019 2025 research found 4.7 million people were paying for subscriptions they didn\u2019t know they\u2019d signed up for.<\/p>\n

In 2024, a government report found unused and unwanted subscriptions cost consumers up to \u00a31.6bn a year.<\/p>\n

\nHow to deal with the subscriptions\n<\/p>\n

Hunt them down<\/p>\n

Banking apps usually list your \u2018subscriptions\u2019 separately from direct debits and standing orders so you can easily spot what you\u2019re shelling out on.<\/p>\n

\"PensionersPensioners have some flexibility over the timing and payment of their state pension
(juststock\/Getty Images\/iStockphoto\/ NIPITPHON)<\/p>\n

\"AEdge will give customers cashback on debit card and direct debit spending<\/p>\n

Check everything<\/p>\n

You can be debited through credit cards, E-payment services, your mobile phone bill, Apple Pay or Google Pay.<\/p>\n

\nHow to deal with subscriptions\n<\/p>\n

\"SmilingDating apps have failed the black community, says Amber (Photo: Morsa Images\/Getty)<\/p>\n

Be honest<\/p>\n

Don\u2019t vow to use a subscription you\u2019re not going to, even if you
have good intentions.<\/p>\n

Look over 13 months<\/p>\n

Many businesses have changed from monthly to annual payments so look further back.<\/p>\n

\"AChanges are due to kick in on everything from inheritance tax to filling in self-assessment forms (Photo: Getty).<\/p>\n

\"ACustomers struggling with debts are highly likely to be in vulnerable circumstances, regulators warn
(Photo: Martin Prescott\/Getty)<\/p>\n

Future proof<\/p>\n

Make sure to track any subscriptions you have kept so you can cancel them, if need be, in future.<\/p>\n

\nDon\u2019t be afraid of phone calls\n<\/p>\n

If companies don\u2019t let you cancel online, don\u2019t fear the customer service line.<\/p>\n

With TV and broadband, call the new customer number as it\u2019s often answered more quickly.<\/p>\n

If you\u2019re happy with the service, but not the price, speak to a real person that may offer a better deal. <\/p>\n

Look for a phone number and press the \u2018thinking of leaving us\u2019 option. It\u2019s usually a fast track to a team with authority to offer bigger discounts.<\/p>\n

Donations to charity have increased dramatically<\/p>\n

But staff say many people treat their shops like a tip. <\/p>\n

Here they share the most useful donations they get, and the
ones that drive them mad.<\/p>\n

\"AA rail of clothes in a second hand vintage charity shop \u2013 stock photo. (Photo: Getty)<\/p>\n

\"\" <\/p>\n

People won\u2019t buy the current donations<\/p>\n

The quality of donations over the last year has diminished.<\/p>\n

Claire Stockman, head of retail for\u00a0St
Luke\u2019s Hospice [pictured], says many donations include used items from fast fashion like Boohoo and Primark, which they cannot sell for more than \u00a32, if at all.<\/p>\n

\nWhat the workers see\n<\/p>\n

60%<\/p>\n

of what comes into St Luke\u2019s Hospice is unsellable, Stockman says.<\/p>\n

She adds its soiled, damaged beyond
repair or smelly.<\/p>\n

Vinted<\/p>\n

Harriet, a volunteer at\u00a0Crisis in Dalston,
says people bring in clothes that are dirty and stained \u2013 things that they cannot sell
on Vinted.<\/p>\n

She also sees dirty kitchenware and technology that no longer works.<\/p>\n

It\u2019s not all bad<\/p>\n

\"TwoTwo young women shopping in a vintage charity shop \u2013 stock photo. (Photo: Getty)<\/p>\n

Harriet says they still get their
fair share of designer items.<\/p>\n

She\u2019s seen a pair of Louboutins
sell for around \u00a3400.<\/p>\n

People will buy high-end items
even if they\u2019re a little worn.<\/p>\n

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First Person<\/p>\n

5 min read<\/p>\n

The best donations<\/p>\n

There was a box donated after someone\u2019s family had passed and in it were all these medals. I researched them and the whole collection ended up going for \u00a32,340\u2026<\/p>\n

JANE THURNELL-READ, VOLUNTEER AT
THE OXFAM GENERAL SHOP IN EXETER<\/p>\n

\"\" <\/p>\n

What is a good donation?<\/p>\n

\"AA young woman chooses clothes in a fashion store and reads the labels on things while shopping at the mall. A millennial shopaholic woman tries on clothes in a fashion boutique \u2013 stock photo. (Photo: Getty)<\/p>\n

A good donation is anything new with tags on, anything that hasn\u2019t been opened, or higher quality items.<\/p>\n

Items that have been well looked after are more likely to sell and generate a better price for charity too.<\/p>\n

Harriet adds that knick-knacks and wine glasses are surprise hits in her branch.<\/p>\n

The feeling of dread that the weekend is over is all too familiar.<\/p>\n

Here, psychologists, career consultants and sleep experts give their best advice on how
to beat the gloom that the
work week is looming\u2026<\/p>\n

\"Woman(Photo: Getty).<\/p>\n

\nHow to beat the Sunday scaries\n<\/p>\n

Pave the way on Friday<\/p>\n

Psychologist Maria-Teresa Daher-Cusack says to wrap up tasks and not to leave big or difficult things for Monday. And write a to-do list for the next week so you know what to expect when you return after the weekend.<\/p>\n

\"YoungYoung man practicing meditation in nature at sunrise \u2013 stock photo. (Photo: Getty)<\/p>\n

\"\"Working from home is being blamed by some councils for the rise in fraudulent \u2018polygamous\u2019 working (Photo: Moment RF\/Getty)<\/p>\n

Get outside early<\/p>\n

Doctor Naheed Ali says getting out on a Sunday morning \u2013 not sleeping late \u2013 helps regulate the circadian rhythm that can become skewed over the weekend.<\/p>\n

\nHow to avoid Sunday scaries\n<\/p>\n

On Sunday spend time away from technology to allow yourself a personal reset away from doom scrolling.<\/p>\n

\"RelaxingRelaxing with dog on sofa \u2013 stock photo. (Photo: Getty)<\/p>\n

Rebrand your Sunday evenings from a daunting time to relaxing. Career consultant Victoria McLean goes out for dinner or reads something unrelated to work.<\/p>\n

She also doesn\u2019t check her inbox on a Sunday night as it can begin the dread.<\/p>\n

\nHow to beat the Sunday scaries\n<\/p>\n

\"SleepSleep tourism in hotel. Exhausted woman sleeps sweetly in bed in the morning \u2013 stock photo. (Photo: Getty)<\/p>\n

Sleep well<\/p>\n

Put yourself in the best position to rest by avoiding large meals, screens and caffeine.<\/p>\n

Structure your week<\/p>\n

If possible don\u2019t stack your Mondays with high-pressure tasks.<\/p>\n

\"CaucasianCaucasian mid adult patient writing a diary while recovering in the hospital ward \u2013 stock photo. (Photo: Getty)<\/p>\n

\"CheerfulCheerful aged woman, senior intern waving, saying goodbye to her young colleagues while leaving office after first day at work \u2013 stock photo. (Photo: Getty)<\/p>\n

Find the fun daily<\/p>\n

Don\u2019t just save joyful things for the weekend. On lunch breaks, try to do something you enjoy.<\/p>\n

\"The(Photo: Getty).<\/p>\n

Sometimes, you
need to listen.<\/p>\n

If the Sunday scaries are constant, listen to them. If every Sunday fills you with dread and nothing seems to quell it it\u2019s worth asking if it\u2019s the job, the culture or the career itself. No one should spend half their weekend bracing for impact\u2026 \u201d says Victoria McLean<\/p>\n

The UK has one of the most stable\u00a0electricity grids\u00a0in the world.<\/p>\n

But no country\u2019s energy system is 100 per cent secure and large-scale blackouts, although rare, are possible. <\/p>\n

Here\u2019s how to prepare, and what could happen, if we do have a blackout.<\/p>\n

\"\" <\/p>\n

The immediate effects <\/p>\n

If the UK\u2019s power went down tomorrow, these are the ways it is likely to impact you first.<\/p>\n

You\u2019d get stuck in lifts, wherever you are in the lift shaft.<\/p>\n

Trains would be stopped as the signals depend on electricity.<\/p>\n

Traffic lights would stop working on the roads \u2013 leading to congestion or crashes.<\/p>\n

Contactless payments are likely to fail.<\/p>\n

Your Wi-Fi at home would stop working and communication becomes difficult.<\/p>\n

Fridges and freezers will turn off \u2013 unless you have a standalone generator \u2013 and food will spoil over time.<\/p>\n

Hospitals and water treatment works have their own backup generators so will keep going until their supply runs out.<\/p>\n

How transport would be affected<\/p>\n

\"ThisCaption: This photograph taken on April 29, 2026 shows people charging their electric vehicles at a charging station in Kathmandu. As global fuel markets reel from the Middle East war, motorists in Nepal are increasingly turning to electric vehicles, with high demand putting a strain on dealerships. (Photo by Prakash MATHEMA \/ AFP via Getty Images) \/ TO GO WITH \u2018Nepal-Transport-Automobile-Energy\u2019 FOCUS
Photographer: PRAKASH MATHEMA
Provider: AFP via Getty Images
Source: AFP
Copyright: AFP or licensors<\/p>\n

For EV owners that are already on the road, Professor Keith Bell, who works in electricity planning, recommends that those with an EV with reasonable charge use it as a generator, like your own store of electricity. <\/p>\n

In the case of the power system going down, petrol isn\u2019t a totally safe option as queues at petrol stations could be huge and places are likely to run out of fuel. <\/p>\n

\nThe longer term effects\n<\/p>\n

The longer the power takes to return the worse things are likely to get. In 2021 Storm Arwen physically damaged power lines across the UK.<\/p>\n

\"AWithout nuclear to take the strain, that exposure to gas is costing us dear (Photo: Catherine Falls Commercial\/Getty)<\/p>\n

\"FILECaption: FILE PHOTO: A row of electricity pylons is seen near the Frodsham on shore wind farm in Frodsham, Britain, September 5, 2023. REUTERS\/Phil Noble\/File Photo
Photographer: Phil Noble
Provider: REUTERS
Source: REUTERS<\/p>\n

During the 1977 New York blackout, which lasted 25 hours, there was civil unrest, resulting in widespread looting and arson, although intense heatwaves are thought to have exacerbated the situation.<\/p>\n

\nThings to buy now to prepare\n<\/p>\n

\"GreatThe Russian state-owned Sputnik news agency took over the BBC\u2019s radio frequency in Lebanon (Photo: Getty)<\/p>\n

Battery radio<\/p>\n

To get updates during a power cut \u2013 a car radio can be used, but in severe weather it might be safer to stay inside.<\/p>\n

Bottled water<\/p>\n

A minimum of 2.5-3 litres of drinking water per person per day is recommended.<\/p>\n

\"PlasticCaption: Plastic bottle with clean water on a blue background.
Photographer: SimpleImages
Provider: Getty Images
Source: Moment RF<\/p>\n

\"TOPSHOTA Cuban rides his bike during a nation wide blackout in Havana on 21 March (Photo: Yamil Lage\/AFP\/Getty)<\/p>\n

Wind-up torch<\/p>\n

The Government recommends opting for torches over candles, for safety reasons.<\/p>\n

\nHow to prepare\n<\/p>\n

A blackout is unlikely but we should make small changes.<\/p>\n

If possible, don\u2019t let your petrol tank run down to almost empty. Keep it over half full so you\u2019re never caught short.<\/p>\n

Always have a portable power bank, and spare batteries, to charge your phone and other essentials.<\/p>\n

As card machines could fail, keep some cash at home.<\/p>\n

To keep yourself distracted and entertained, keep board games and a pack of cards handy to play. <\/p>\n

\"\" <\/p>\n

Eight easy ways to stop
your child spending summer glued to their devices<\/p>\n

Not all screen time is bad<\/p>\n

Using screens in a way that benefits your\u00a0child\u2019s development\u00a0is key and balancing educational content and entertainment with offline activities ensures a well-rounded routine.<\/p>\n

DR GUMMER<\/p>\n

\"\" <\/p>\n

\nHow to keep your kids off screens\n<\/p>\n

\"\" <\/p>\n

Outdoor activities<\/p>\n

For younger children, try scavenger hunts, garden games and nature walks. For older ones, hikes
and biking trips.<\/p>\n

Create a schedule<\/p>\n

Designated screen-free times helps children develop a routine that balances screen use with other activities.<\/p>\n

\"ACaption: Mid adult man with eyeglasses sitting on a comfortable sofa at home, thoughtfully writing notes in a small notebook while natural sunlight illuminates the room
Photographer: Milan Markovic
Provider: Getty Images
Source: E+<\/p>\n

\"\" <\/p>\n

Family game nights<\/p>\n

It\u2019s an excellent way
to bond and develop critical thinking skills.<\/p>\n

\nHow to keep your kids off screens\n<\/p>\n

Creative hobbies<\/p>\n

Getting creative, through drawing, painting or model construction, enhances cognitive skills and offers an alternative to screens.<\/p>\n

\"\" <\/p>\n

\"\" <\/p>\n

Social interaction<\/p>\n

Arrange playdates or group activities with friends, or for older kids try an overnight camping trip in the garden.<\/p>\n

\nHow to keep your kids off screens\n<\/p>\n

Lead by example<\/p>\n

Showing that you value offline time encourages your children to do the same.<\/p>\n

\"\" <\/p>\n

\"\" <\/p>\n

Have a reward<\/p>\n

Implement a reward system where screen time is earned through positive behaviour.\u00a0<\/p>\n

Open conversations<\/p>\n

Discuss the importance of balancing screen time with your children so they understand the reasons behind the rules.<\/p>\n

\"\" <\/p>\n

Can following a particular diet
help prevent or delay\u00a0dementia?\u00a0<\/p>\n

Some studies suggest so. <\/p>\n

These are the eight brain-boosting foods registered dietitian\u00a0Fareeha Jay
recommends people consume as part of a weekly diet\u2026<\/p>\n

\"\" <\/p>\n

\nFoods that can cut dementia risk\n<\/p>\n

\"ACaption: A detail of cracked egg falling into the pan as woman holds egg shells in both hands.
Photographer: SimpleImages
Provider: Getty Images
Source: Moment RF<\/p>\n

Eggs<\/p>\n

They contain several nutrients thought to\u00a0support brain health, including choline, vitamin B12 and iodine.<\/p>\n

Coffee<\/p>\n

Caffeine can reduce inflammation and
slow the degeneration
of brain cells.<\/p>\n

\"BaristaBarista hand making cappuccino Coffee with espresso machine in cafe \u2013 stock photo. (Photo: Getty)<\/p>\n

\"RoastingCooking fruit and vegetables (Photor: GMVozd\/Getty Images\/E+)<\/p>\n

Broccoli<\/p>\n

It\u2019s packed with antioxidants and high in vitamin K, which is essentially for healthy brain cells.<\/p>\n

Fibre is overlooked in dementia prevention<\/p>\n

\"CookieCaption: Cookie jar, tea, wine, nuts, books, lit candles and Christmas decorations on the table. Cozy Christmas hygge at home. Selective focus.
Photographer: Jelena990
Provider: Getty Images
Source: iStockphoto<\/p>\n

To increase fibre intake, include wholegrains, nuts, seeds, lentils, and legumes.<\/p>\n

Fermented foods also support brain health by improving the gut microbiome.<\/p>\n

\t
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\n\t<\/a><\/p>\n

LIFESTYLE<\/p>\n

4 min read<\/p>\n

\nFoods that can cut dementia risk\n<\/p>\n

\"\"(Photo: Joff Lee\/Getty Images)<\/p>\n

Oily fish<\/p>\n

Your brain uses Omega-3s to build brain and nerve cells \u2013 so a diet rich in them may\u00a0slow age-related mental decline.<\/p>\n

Walnuts<\/p>\n

These improve heart health markers, which is linked to a lower risk of neurological disorders.<\/p>\n

\"VariousHealth professionals are nuts about nuts \u2013 with good reason!<\/p>\n

\"ASupermarkets report increasing demand for blueberries (Photo: RHS\/Guy Harrop)<\/p>\n

Blueberries<\/p>\n

They contain compounds which have been shown to improve blood flow to the brain, cognitive function, and memory.<\/p>\n

\nThe Mind diet\n<\/p>\n

The diet aims to reduce\u00a0dementia risk\u00a0and the decline in brain health.\u00a0<\/p>\n

It was created in 2015 by Dr Martha Clare Morris and colleagues at Rush University Medical Centre and the Harvard Chan School of Public Health.<\/p>\n

It encourages vegetables, berries, nuts, whole grains, olive oil, fish, beans, and poultry.<\/p>\n

These foods contain nutrients that promote good brain health by reducing oxidative stress and inflammation.<\/p>\n

\t\t\t\t\"\"\/<\/p>\n

But there is, of course, a downside. Extending mortgages means paying greater amounts overall \u2013 as you accrue more interest \u2013 while you end up not becoming debt-free until later in life.<\/p>\n

It\u2019s why a small number of buyers are doing the reverse, and taking out short mortgages of 20 years or less. If you buy before you are 30, this sort of mortgage can mean you are a debt-free before you turn 50.<\/p>\n

However, this does come at a cost. Your mortgage payments will likely be hundreds of pounds more each month on a typical-sized loan.<\/p>\n

So, are they worth it? And who is taking them? The i Paper takes a look.<\/p>\n

How common are shorter loans?<\/p>\n

The average mortgage term for a new buyer is 31 years, and loans of 20 years or less are very rare.<\/p>\n

Some brokers say they are seeing slightly larger numbers take them on, but they still remain a minority product.<\/p>\n

\u201cWe\u2019re seeing a growing minority of borrowers deliberately choosing shorter mortgage terms, although it\u2019s still nowhere near the norm,\u201d says Stephen Perkins, managing director at Yellow Brick Mortgages.<\/p>\n

\u201cFor many, it\u2019s a psychological decision as much as a financial one. As retirement moves closer, the thought of still carrying mortgage debt becomes less appealing, so they\u2019re prepared to pay more each month for the certainty of owning their home outright sooner,\u201d he adds.<\/p>\n

Samuel Mather-Holgate, managing director at Mather and Murray Financial, says some of those who take on the shorter products are influenced by the so-called Fire (Financial Independence, Retire Early) movement.<\/p>\n

This is a personal finance phenomenon centered on extreme frugality, clearing debts and investing, to try and retire early.<\/p>\n

\u201cSome are chasing early financial freedom, often influenced by the internet ideal of clearing debt young and escaping the rat race. It is an appealing idea, but often unrealistic,\u201d he adds.<\/p>\n

I took out a 20-year mortgage at 25 \u2013 paying \u00a3200 extra per month<\/p>\n

Craig Reid bought his one-bedroom house in Aberdeen around six years ago for \u00a3150,000 with a 10 per cent deposit.<\/p>\n

Craig, 31, who works in the energy sector, opted for a 20-year term, around 11 years less than the average taken by first-time buyers.<\/p>\n

Though the exact sum has varied depending on the rate, the mortgage has generally cost him around \u00a3200 more than if he\u2019d taken a 30-year term.<\/p>\n

But Craig says he has no regrets over the decision, as he\u2019s now been able to pull equity to buy a buy-to-let, and says the prospect of having no mortgage by 45 is \u201cpsychologically very good to have\u201d.<\/p>\n

\"\"Craig Reid opted to take out a 20-year mortgage to avoid having more debt in later life<\/p>\n

\u201cI\u2019ve looked at the different arguments and I sat down with a mortgage advisor, but this seemed best to me,\u201d he explained.<\/p>\n

\u201cIf you accept the higher monthly price for what it is, you don\u2019t notice it once it becomes the norm. If I had that extra \u00a3200 a month, would\u00a0I use it well? Would I really invest it?\u201d<\/p>\n

Craig accepts that in Aberdeen, house prices are lower than some other areas of the UK and so following what he has done may be difficult for those living in more expensive cities. But he says for those who can afford to get a shorter mortgage \u201cit\u2019s a great thing to do\u201d.<\/p>\n

He add that it will give him multiple options later in his life.<\/p>\n

\u201cPaying down your mortgage over fewer years allows you to get better interest rates. It brings psychological benefits, whilst also building significant equity that can be used for buying your next home or future investments.\u201d<\/p>\n

What are the pros and cons?<\/p>\n

In very simple terms, the longer the mortgage fix you take, the lower your payments will be.<\/p>\n

But at the same time, the amount you pay overall will be far higher.<\/p>\n

Homeowners are warned to pay off only as much as they can afford, including ensuring they will still be able to meet mortgage payments should other unexpected costs arise. <\/p>\n

Dr Alla Koblyakova, an expert in mortgage finance at Nottingham Trent University, added: \u201cAnother advantage for short-term deals is that lenders may charge comparatively lower interest rates because of lower risks of borrowers experiencing shocks to their income and defaulting on payments.\u201d<\/p>\n

Paying your debt off quicker means you will access a lower loan-to-value (LTV) sooner, which means you are borrowing a smaller proportion of your home\u2019s total value.<\/p>\n

This generally gives you access to better interest rates.<\/p>\n<\/p>\n

As an example, with a 60 per cent LTV (meaning you have equity worth 40 per cent of your property value), you can get a rate of 4.24 per cent on a \u00a3250,000 mortgage.<\/p>\n

At a 90 per cent LTV (equity worth 10 per cent), the best rate is 4.69 per cent.<\/p>\n

Both rates are with Coventry Building Society, and on a 25-year term, the 4.24 per cent rate is around \u00a360 a month cheaper than the 4.69 per cent deal.<\/p>\n

The chart above highlights the difference in payments and total repaid on different mortgage terms.<\/p>\n

The one below shows the different trajectories of debt repayments.<\/p>\n<\/p>\n

What are the other ways to cut your mortgage?<\/p>\n

If you don\u2019t think you can afford a shorter mortgage deal, there are other options to cut your costs.<\/p>\n

The first is taking a longer-term deal and overpaying \u2013 usually pay a maximum of 10 per cent on it in an ad-hoc way. This allows you to clear your loan faster, but without the commitment to doing so.<\/p>\n

\u201cSome look for lenders allowing more than the standard 10 per cent annual overpayment, with the lender allowing as much as 30 per cent overpayment allowance on a fixed-rate deal,\u201d says Nick Mendes, of John Charcol brokers.<\/p>\n

Another option is initially opting for a longer term when you buy, but then reducing your term in the future.<\/p>\n

\u201cA small-term reduction at each remortgage is one of the main routes to shortening it over time,\u201d adds Mendes.<\/p>\n

Another, rarer option is something known as an offset mortgage. <\/p>\n

This type of deal links your savings account to your mortgage. Instead of earning interest on your savings, the balance is subtracted from your total mortgage debt when calculating your monthly interest, meaning you only pay interest on the remaining difference.<\/p>\n

\u201cThe savings also stay accessible rather than being tied up in an overpayment, which suits borrowers who want to cut interest without giving up the cash,\u201d Mendes adds.<\/p>\n","protected":false},"excerpt":{"rendered":"First-time buyers, on the whole, are taking out longer mortgages as they attempt to manage affordability concerns \u2013…\n","protected":false},"author":2,"featured_media":674327,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,460,1294,140478,25949,2295,56,54,55],"class_list":["post-674326","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-debt","tag-economy","tag-home-ownership","tag-mortgages","tag-property","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/674326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=674326"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/674326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/674327"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=674326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=674326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=674326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}