First it was mortgages equal to five or six times a homebuyer’s salary. Now the half-century home loan beckons.
A UK broker firm today revealed it was in talks with a lender about launching a 50-year mortgage.
The Mortgage Lender, which describes itself as one of Britain’s leading providers of remortgage, loan and debt solutions, said there was no reason why a mortgage should be restricted to “just 25 or 30 years”.
It is working on developing and launching a mortgage that would last for 50 years, and argued that a combination of issues, including sky-high property prices and longer life expectancy, were all working against the traditional 25-year mortgage model.
50-year mortgage to be promoted to home buyers