Banks extend mortgage terms for first-time buyers
By Admin
1 min read
Several lenders are now offering longer repayment terms to first-time buyers, which brings the monthly instalment within reach of more salaries.
The trade-off is interest: the longer the term, the more you pay in total. Compare offers on the total amount repaid, not only the monthly figure.
Three things to ask your bank
- Is the rate fixed, and for how long?
- What does early repayment cost?
- Which insurance and fees are added to the loan?