Millennials strive to be mortgage savvy

Millennials in Britain are striving to be savvy about managing their mortgages, London & Country Mortgages has revealed.

Research shows that nine in 10 (92%) of 18-34 year olds have a repayment mortgage deal and 69% opt for a fixed rate mortgage to prevent any surprises in their monthly budgeting.

David Hollingworth, associate director of communications at L&C Mortgages, said: “Our research shows that young people are, on the whole, taking the savvy steps needed to ensure they haven’t bitten off more than they can chew in terms of covering their mortgage payments.

“Highlighting their openness to mortgage options that could help manage their costs further, a third (33%) of 18-34 year olds have taken out an offset mortgage.

“It makes sense for the over 55s to follow the lead of the millennial generation, who seem to be taking a more active role in managing their mortgages.”

Millennials make the highest monthly repayments of any age group with average contributions of £908 per month as they face larger mortgage debt.

The research also revealed a quarter (25%) of millennials have remortgaged to get a better deal, which is a higher proportion than any other age group.

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Written by: Houseladder