Government’s 50-year mortgage proposal – What you need to know

The Government has proposed the idea of a 50-year mortgage. Aimed at tackling the housing crisis, the new arrangement would effectively create inter-generational loans.

So far, the idea has received a cautious welcome, but some property professionals have highlighted potential pitfalls.

The concept comes as figures show that people in full-time work in England need to spend an average of 9.1 times their annual earnings to purchase a home.

Potential mortgage providers say the move would allow borrowers to borrow eight times their incomes, rather than the current average of 3.2 times their current wage.

The extended mortgage period would allow people to borrow larger sums, with the possibility of passing the debt on.

How would it work?

The idea is not new with multi-decade mortgages pioneered in Japan where 100-year family mortgages are offered.

For help and advice on matters relating to the residential property sector, contact our expert team today.

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