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Banks draw red line through offering 40 year mortgages

Author
Newstalk ZB,
Publish Date
Mon, 31 Oct 2022, 7:21AM
(Stock photo \ Getty Images)
(Stock photo \ Getty Images)

Banks draw red line through offering 40 year mortgages

Author
Newstalk ZB,
Publish Date
Mon, 31 Oct 2022, 7:21AM

A red line is being drawn through the idea of a 40-year-mortgage.

With interest rates up and property prices still high, some buyers are asking why banks can't offer a longer mortgage term to make payments more affordable.

Currently, all lenders are maxed out at 30 years.

Mortgage Lab's Rupert Gough says interest becomes very expensive over 40 years.

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