Major lenders could start to phaseout boom’s 30-year plus mortgages

FEARS have been expressed that banks could begin to phase out 30-year plus mortgages.

Super-term mortgages, which are those that exceed the traditional 30-year mortgage term gained in popularity during the boom years as a means of decreasing monthly repayments for consumers, especially first-time buyers.

All major lenders now offer mortgages that exceed 30-year terms and 35-year terms is one the most common. A few lenders offer a maximum term of 40 years.