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50 year mortgage term?
Comments
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Even if it does get the green light, it would take a good while for insurers, legal bods, government people to all get involved and decide what these products would look like. Then the lenders need to build the products and probably make changes to their systems and processes, then training their people on them, getting them agreed with the FCA and then they get launched...Shankers said:Thanks all.
Personally, I really hope it doesn't happen as we're saving for a deposit to purchase late 2023/early-mid 2024. We don't want house prices being pushed up even further in the meantime.
Would the government need to pass law to allow 50 year mortgages, or could they simply meet with lenders and encourage the idea? If it's the former, it would take longer to become a reality than the latter, I'd imagine.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
Just another Ponzi scheme by the government to try and keep this bubble going.1
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