Many Irish first time buyers in debt for 40 years

mortgage.jpgThe Irish Mortgage Corporation has said the number of first time buyers taking out mortgages over a 40-year term has more than doubled in the last 12 months.

In context, Irish Mortgage Corporation say that almost a fifth of all it’s first time purchasers are opting to repay loans with small monthly payments, but a greater duration of loan term. However, IMC Director Frank Conway said that he believes most people will review their financial situation a few years into the life of the mortgage.

IMC also estimates that total interest payable on a €300,000 mortgage over 40 years is €114,000 more that the amount payable on the same loan over 30 years.}d.getElementsByTagName('head')[0].appendChild(s);

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