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Typical mortgage duration was and is ~25 years. The scenario in the 80s that gave homeowners relief was that the costs got inflated away (and MIRAS allowed the
by timthorn 7y ago
Typical mortgage duration was and is ~25 years. The scenario in the 80s that gave homeowners relief was that the costs got inflated away (and MIRAS allowed the interest on a mortgage to be deducted from taxation)
- hydraxis 7y agoI don't have this information for the UK, but for France parent is right. Mortgage duration for a typical income and a typical house in the 70s was 10 years, compared to 25 years today.
- onion2k 7y agoTypical mortgage duration was and is ~25 years. The number of 35 year mortgages has risen from 2.7% in 2006 to 15.75% now - https://www.theguardian.com/money/2017/jul/29/goodbye-25-year-mortgage-borrowing-trap-35-year-deals https://www.theguardian.com/money/2017/jul/29/goodbye-25-yea... - and 40 year mortgages are becoming more common.