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Wage Inflation / Mortgage Term
Comments
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£200 * 12 months * 25 years = £60,000.
Borrowing over a longer period always cost more. APR is Annual Percentage Rate.
I feel sorry for all the naive people conned into over stretching themselves at the peak of a housing bubble and ending up with hideous 35 year mortgages.0 -
I think thats the problem with many people- they think a good deal is simply an affordable one, ie £20 per month for a new sofa or £150 for a new car.
Its like they dont sit down and think "wow, I'll still be paying for that car in 6 years time by which point it will be worth a quarter of what I paid".0
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