Boris Johnson city Madrid UPS Action Beyond Boris Johnson city Madrid

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

Reading now: 753

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.Mortgage experts said the idea could bring some benefits but flagged problems, including the potential to saddle children with debt, and the fact it would not tackle the fundamental issue of housing supply.Under the plan being examined by No 10, a longer mortgage period would allow people to borrow larger sums, with the possibility of passing the debt on, although it remains unclear what government action would make this happen.Other housing ideas being considered by Downing Street include trying to free up government-owned land for rapid homebuilding, and exploring whether institutions such as schools could build homes for key workers priced out of local areas.Boris Johnson, speaking to reporters during his trip to the Nato summit in Madrid this week, confirmed that the idea of 50-year mortgages was being looked at, saying the government “wants to find all sorts of creative ways to help people into ownership”.He said: “Last year we had 400,000 first-time buyers.

That’s a great number, we’re starting to turn the tide, but it is crucial for this government and for our overall economic story if those numbers continue to be strong.“We need young people to have the confidence, to have the deposits, the mortgage packages to be able to get into ownership.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News