Comment for the UK Finance Household Finance Review Q3

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Following the publication of UK Finance Household Finance Review Q3 https://www.ukfinance.org.uk/system/files/2022-12/Household%20Finance%20Review%202022%20Q3-%20Final.pdf, we have a comment from Simon Webb at LiveMore, the mortgage lender for the 50-90+ age group.

Simon Webb, managing director of capital markets and finance at LiveMore, said: “This data shows that half of borrowers are now taking out a mortgage over 30 years, instead of what used to be the more usual 25 years.

“The increase in house prices has been a significant factor in this but now rising rates are impacting affordability. This is only likely to continue as the cost of living crisis looks set to continue for the foreseeable future.”