A new report has found 18-24-year-olds are spending the most on mortgage repayments each month, showing how young people are unfairly impacted by the mortgage market.
The mortgage statistics report from Uswitch.com reveals that on average 18-24-year-olds are paying £1,390.90 per month in mortgage repayments.
This is 59% higher than 25-34-year-olds, the second highest group, who are spending £874.35 a month, while 55 and overs are paying just £763.79 on mortgages a month.
Almost half of what 18-24-year-olds are paying, this suggests the mortgage market unfairly forces young people with a lack of capital to accept higher mortgage repayments.
The group is also more likely to spend over £3,000 a month on mortgages, with 0.99% of 18-24-year-olds doing so. While a small figure, this is a far greater percentage than other ages, such as 0.48% of 45-54-year-olds paying this amount.
Additionally, 25-34-year-olds have the longest mortgage terms, with an average of just below 30 years, 30% longer than an initial mortgage term for those aged 55 and over.
57.25% of the age bracket have a mortgage term this long or even longer, while 18-24-year-olds have slightly shorter terms of 26.09 years. This is likely to rise due to the recent introduction of 50-year mortgages.
Analysis found that fixed-rate mortgages are the most popular across all ages, mostly with 25-34-year-olds with 80.73% of the age groups opting for this.
18-24-year-olds, on the other hand, are less likely to go for this deal, with just 41.58% having a fixed-rate mortgage, putting them more at risk with the increase in interest rates.
Photos by Tierra Mallorca and graph provided by Uswitch.com