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Over 55s advised to follow the lead of millennials

Home owners aged 55 and over are being advised to follow the lead of millennials, who are taking greater control in the management of their mortgages.

A report produced by London & Country Mortgages has revealed that the UK’s millennials are acting savvy when it comes to their mortgage. The study shows that 92% of people aged between 18 and 34 years old have a repayment mortgage in place. Of those people, 69% have chosen a fixed rate product to ensure that monthly budgeting is easier.

The associate director of communications at London & Country Mortgages, David Hollingworth, said:

“Our research shows that young people are, on the whole, taking the savvy steps needed to ensure they haven’t bitten off more than they can chew in terms of covering their mortgage payments.”

Millennials have also demonstrated their willingness to look at other mortgage options which can help them to further manage their payments. An offset mortgage has been the favoured option for a third of 18 to 34-year-old borrowers. Hollingworth stated that it would make sense for people aged 55 and over to follow the lead of the millennials, to take a more active role in the management of their mortgage.

Those aged 18 to 34 make the highest repayments of all the age groups, with an average of £908 a month, facing much larger mortgage debt. The report also highlights that millennials have the highest number of re-mortgages, as borrowers search for favourable deals.

Mortgage advisors spend time studying on a CeMAP course so that they are able to help you to find the best possible mortgage deal.

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