The government is drawing up plans for extra-long term mortgages that would be passed on from parents to their children, that could allow people to buy a bigger home than they otherwise might be able to afford
Under the plans, people would be able to buy a home with little or no expectation of completing mortgage repayments during their lifetime, instead the property and outstanding debt would be passed on to their children.
Asked if he was considering cross-generation mortgages that could be passed between parents and children, Boris Johnson told reporters: "Yes, certainly." The most popular mortgage length among first-time buyers is around 30 to 35 years but a multi-generational approach could extend that by decades. "It is not the mortgage market that is preventing people from becoming homeowners; it is the cost of property in relation to people's earnings.
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