There is a significant increase in homeowners aged over 50 looking to re-mortgage on a term that is likely to spill over into their retirement. Longer mortgage terms can make monthly payments more affordable, but homeowners could end up paying more in interest over the longer term. Britons over 50 who took out a 21 to 25 year mortgage term climbed by 83 per cent in the first quarter of 2024, when compared with the same period a year earlier new figures show. On average, in the first quarter of 2024, those aged 50-plus who were looking to re-mortgage owed £217,065. But data from Legal & General…
