I would say that, in today’s environment, offering a standard 25-year mortgage to a family with children where the eldest is aged less than five could be regarded as a mis-sell.
In this situation I believe the correct advice should be: “Can you pay off your mortgage before your eldest child reaches 18? If you can, you can simply divert the money you would have used for mortgage payments into paying for your children’s university costs.
You probably won’t notice the change and you won’t have to struggle to find the thousands required to provide for a worthwhile university education.”
I have never seen this advice in print. I have four children who went through the university mill and write with personal experience. I would, therefore, seriously challenge anyone – Gordon Brown included – who pontificates that 20 or 25-year fixed rate mortgages offer a universal panacea for today’s problems.
Yours faithfully
Roy Taylor
Lymm Manor Finance Ltd
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