No 10 considers 50-year mortgages that could pass down generations - News Summed Up

No 10 considers 50-year mortgages that could pass down generations


Downing Street is exploring the idea of trying to tackle the housing crisis with ultra-long mortgages of up to 50 years that could pass between generations, allowing more people to build up equity rather than pay rent. “We need young people to have the confidence, to have the deposits, the mortgage packages to be able to get into ownership. According to the Building Societies Association, 37% of first-time buyers took out mortgages of between 30 and 35 years, with only 10% opting for less than 20 years. What these mortgages would not do, however, is solve the long-term shortfall in housebuilding. “It seems governments the world over will do anything to avoid the alternative of property prices actually falling,” he said.


Source: The Guardian July 02, 2022 13:45 UTC



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