As house prices soar, the cost of living climbs, and interest rates remain elevated, many homeowners are looking for ways to keep monthly expenses manageable. For a growing number of buyers, that means stretching their mortgage terms well into their 70s—and sometimes even to age 80.

Mark Humphrey, director of MHC Mortgages, explains that most lenders are now open to mortgage terms lasting up to age 75, with minimal checks to ensure affordability. “We have a small number of lenders that may even offer a term up to age 80 using income from employment,” he says. These longer mortgage terms are no longer niche products; they’re becoming an increasingly mainstream solution to affordability challenges.

Data from the Financial Conduct Authority (FCA), analyzed by wealth manager Quilter, shows how rapidly this trend is accelerating. In the first three quarters of 2024 alone, more than 22,000 mortgages with 35-year terms were issued to buyers over the age of 36—surpassing full-year figures from any year since 2018. Over the past five years, the number of older borrowers taking out extended-term mortgages has surged by a staggering 156%.

“Increasingly, borrowers are carrying on paying their mortgages into their 70s,” says Mark Harris, chief executive of SPF Private Clients. “There are several reasons for this—people are living and working for longer, so they can afford to pay a mortgage past what would normally be considered standard retirement age. Longer mortgage terms also mean payments are lower and therefore more affordable.”

The demand for these long-term products has brought increased flexibility and broader choice, and much of the social stigma once associated with carrying a mortgage into later life has faded away. In today’s housing market, a longer mortgage term is simply a financial tool—one with pros and cons.

Among the key benefits is lower monthly payments. By spreading the loan over a longer period, borrowers can buy a more expensive home, free up monthly income to cover other obligations like childcare or tuition, and potentially maintain a more comfortable lifestyle. “The key advantage of having a mortgage into your 70s is that it provides you with increased options when it comes to planning what you want to do with your home,” says Richard Dana, CEO of Tembo Money.

Longer mortgage terms can also be a lifeline in the wake of life changes such as separation or divorce. When a joint mortgage becomes a sole one, extending the term may be the only way to afford a new home. Humphrey notes that in many of these cases, borrowers don’t plan to carry the mortgage into retirement but use the extended term to buy time. They may downsize, accelerate payments later, or pay off the loan early through inheritance or improved income.

Another upside is that interest rates on extended-term mortgages are usually in line with shorter-term options. “In recent years the rates available have been generally competitive relative to the mainstream market,” says David Carmichael, director of Taylor Carmichael Financial Services. The main tradeoff is a smaller pool of lenders, which may limit some choices.

Still, longer mortgage terms are not without drawbacks. Chief among them is the total interest cost. A loan that spans an extra decade or more means paying more in interest over time. “You have a mortgage for a longer period of time, so you will pay more interest on the debt than you otherwise would have done,” Harris points out.

There are also practical considerations around career longevity. Lenders may scrutinize the type of work a borrower does before approving a mortgage that stretches past traditional retirement age. Physically demanding jobs or careers with mandated retirement—like pilots or firefighters—may raise concerns. Carmichael notes that lenders “sense check very carefully the occupation of a borrower declaring 70 as their expectation of retirement age.”

Then there’s the question of what happens if you retire before the mortgage is paid off. Anyone considering a long-term mortgage needs a plan for that scenario. Will your pension or other income be enough to cover the payments? Is downsizing an option later on? These are crucial discussions to have before committing to a decades-long financial obligation.

In the end, extending a mortgage into your 70s can be a practical solution to an increasingly expensive housing market—but it requires thoughtful planning. The appeal lies in immediate affordability and flexibility, but borrowers must weigh that against the long-term financial implications. With proper foresight and regular review, a mortgage into your later years doesn’t have to be a burden. For many, it’s simply a new approach to homeownership in a changing economic landscape.

Click Here For the Source of the Information.

You’ve made the offer, the seller accepted, and suddenly you’re neck-deep in the whirlwind of buying a home. Between securing a mortgage, lining up homeowners insurance, coordinating your move, and racing toward closing, it’s easy to rush through what may be the most revealing step in the process: the home inspection.

Yet, this is the moment when you can slow down and truly get to know the house you’re about to buy. A home inspection isn’t just a formality—it’s your one opportunity to see what’s beneath the surface before you commit. From roof to foundation, a licensed inspector will examine the property’s critical systems, structural components, and safety features. And while the report they provide is essential, being physically present during the inspection can make all the difference.

Experts strongly advise that buyers attend their inspection in person. Spending two to four hours walking the property with the inspector gives you a firsthand look at any issues, provides clarity you might not get from reading a report alone, and gives you a better understanding of how to maintain your future home. It also arms you with leverage if major concerns arise—giving you negotiating power before closing.

Before heading to the inspection, plan accordingly. Leave the kids and pets at home so you can focus. Dress appropriately for crawlspaces, basements, and muddy yards—this isn’t the time for sandals. You’ll want to follow your inspector everywhere, and some of the most serious red flags can hide in the least glamorous corners of the property.

During the inspection, use the time wisely. Ask questions and observe carefully. Buyers often make offers based on brief tours—sometimes just 15 minutes long. The inspection is your chance to slow down, double-check your impressions, and confirm that what you thought you were buying matches what you’re actually getting.

Listen closely to your inspector’s commentary. They likely won’t tell you outright whether or not to buy the house, but they may drop hints. Words like “major,” “significant,” or “immediate repair” should raise red flags. And watch for coded language—“fungal material,” for example, is often used in place of the word “mold” due to liability concerns.

Your inspector will also show you critical systems you’ll need to know as a homeowner—like the electrical panel, water main shutoff, and furnace emergency switch. It’s helpful to see these in person, even if they’re labeled in the report, so that you know exactly where they are if there’s ever a problem.

Be sure to ask for referrals if any issues require further review. Inspectors are generalists—they might note signs of damage or potential problems but aren’t specialists in plumbing, roofing, or structural engineering. If something seems wrong with the foundation, waste line, or septic system, they can point you to professionals who can offer a more detailed evaluation. Spending $175 on a sewer camera inspection, for instance, could save you from a $15,000 replacement bill later.

Once the inspection report is complete, usually within a day or two, it’s time to strategize with your real estate agent. You can use the report to request repairs, a price reduction, or seller credits at closing. But it’s smart to focus your negotiations on major issues—items affecting the roof, HVAC system, or safety and health hazards like radon or pests. Sellers are typically more open to resolving those problems than they are to fixing loose doorknobs or squeaky floors.

Negotiating successfully often depends on the market. In a buyer’s market, you may be able to request more fixes or concessions. In a competitive seller’s market, though, sellers might be less flexible—especially if other buyers are waiving inspections altogether. That’s why it’s critical to identify what matters most to you and where you’re willing to compromise.

Sometimes, sellers will offer a credit at closing instead of making the repairs themselves. This allows you to handle the work later on your terms. But remember: sellers won’t likely pay for premium upgrades—if they agree to replace the roof, don’t expect luxury shingles unless you’re covering the cost difference.

And if the problems are too extensive or the seller won’t budge, don’t be afraid to walk away. “Sometimes the best deal you do is the deal you don’t do,” says Bob Acuff of RE/MAX Services.

Even after closing, your inspection report remains valuable. Use it as a checklist for future maintenance and repairs. And don’t hesitate to reach out to your inspector with questions down the road. Many, like Don Norman of BPG Inspections, offer continued support at no extra cost—years after the inspection is done.

In the rush of buying a home, the inspection can feel like one more hurdle to clear. But treat it as what it truly is: your chance to make an informed, confident decision about one of the biggest purchases of your life. Your future self will thank you.

Click Here For the Source of the Information.