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Fifty-year home loans would get more on ladder but come with risks

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theguardian.com

A 50-year home loan might sound depressing to some, but perhaps not if the alternative is never being able to buy a property.

Long-term fixed-rate mortgages are an emerging financial product that should in theory allow first-time buyers who are currently priced out of the market to get on the housing ladder.By spreading the repayments over longer – the average for mortgages taken out this year is 29 years – buyers should be able to borrow up to eight times their income, rather than the current average of 3.2 times, say potential providers.

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