Boris Johnson mulls 50-year mortgages to get more young people on housing ladder
Downing Street is looking at plans for 50-year mortgages that parents can hand down to their children.
According to a report in The Times, Boris Johnson is looking at encouraging long mortgages as a way to get more young people onto the housing ladder.
While a number of banks already provide products that mean parents and grandparents can guarantee loans to adult children without big deposits, new plans would allow family homes and their mortgages to be inherited.
The Prime Minister has already pledged more 95 per cent mortgages and now wants to push banks to be more creative with mortgage products, beyond a standard 25-year loan.
House prices saw a slight slowdown in growth this month as the price tag of an average UK home hit a new record of £271,613.
According to the Nationwide House Price Index, published on Thursday morning, UK annual house price growth slowed to 10.7 per cent in June.