Longer-term mortgages tend to be more expensive and mean mortgage payments in retirement .
Experts warned that first time buyers, if they are not careful, can end up making mortgage payments even when they have retired .
Increasing property prices have led to rendering first time buyers older and have witnessed them taking out longer termed mortgages to get lower payments .
Longer term mortgages may appear like a good idea, yet they could be an expensive costly mistake in the longer term.
Borrowers may wish to consider increasing the length of their mortgage, yet few would wish to have a mortgage till they retire .
Moreover, a longer-term mortgage may mean buyers pay more for their home .
A £166,250 mortgage costs a first-time buyer £109,168 more over 40 years than 25 years, as the loan earns interest for 15 years longer.
Try to ensure that the mortgage you take out does not tie you in until retirement .
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Try Not to Pay Mortgage in Retirement Wed, 17 May 2006
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