Mortgages: First-time buyers typically borrowing for 31 years

First-time buyers are borrowing through mortgages that last an average of 31 years as the affordability of homes remains a stretch.A decade ago, the average mortgage term for those buying a first home was 28 years, according to figures from banking trade body UK Finance. Higher mortgage rates have pushed people to borrow for longer to keep their monthly repayments as low as possible.Despite mortgage rates having…