50-year mortgages are latest idea to fix housing crisis - News Summed Up

50-year mortgages are latest idea to fix housing crisis


The proportion of those aged 25 to 34 who own their own home has fallen by 20 per cent in a decadeUltra-long mortgages that could be handed down to children are being considered by Boris Johnson as a way to get young people on the housing ladder. Loans that last for 50 years are set to be encouraged as the prime minister seeks “creative ways” to increase home ownership in Britain. SponsoredMore flexible mortgage products increasingly are being seen as the most practical route to boost home ownership among the young after a Tory revolt blocked a relaxation of planning laws to encourage more building. Under plans being worked on in Downing Street, people who would otherwise struggle to take out a loan will be encouraged to take out longer-term mortgages. Their children would be able to inherit the debt along with the property.


Source: The Times July 02, 2022 08:49 UTC



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