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So I'm 30 - if I take one of these I'll be paying it off til 80 will I? Out of my non-existent state pension presumably? Or will my children have to live with me till they're 45, seeing as they're stumping up for the mortgage?
frankenbike-
tbf I know a bunch of people taking mortgage terms that take them to 70, guess the hope is inheritance in the future or appreciation in house price comes to the rescue and downsizing at some point. Japan has had 100 year mortgages since for several decades but I assume maybe incorrectly that they do more multi-generational living.
If they do introduce them here, I imagine there will be a short window where you can go max pain and borrow an absurd amount before house prices adjust accordingly and do well out of it. After that, house prices will of gone up in line with borrowing potential that you just get the same as you could afford now but costing more.
greentricky
Is this how the Government create a future generation of Tory voters? Locking kids into pumping house prices via 50 year mortgages on 8x multiple that they can inherit
https://www.theguardian.com/money/2022/jul/01/no-10-considers-50-year-mortgages-that-could-pass-down-generations