It was always like this with a mortgage. You pay interests that may be understood as a rent. You are the owner on paper. But the « real » owner is the lender. If you can’t repay who gets your property? Unless you can sell it pdq. Tks
Keeping the housing bubble from bursting and inflating it at the same time is a win win situation. Ok only for people who already own houses, but it’s your fault for being born poor.
Multi-generation mortgages are nothing but a scam, by a government that refuses to address the real issues. If you’re rich, you don’t need them; if you’re poor, chances are that at some point in those 50 years a crisis will hit and you’ll end up losing the property through no fault of your own. Case in point, these ‘once in a lifetime economic crises’ that seem to be hitting every 5 years or so now.
Could just build more houses, put mortgages down to a 25 years maximum, and make houses affordable to the common man.
Ah nvm let’s just make the mortgage term longer so landlords become richer and people can’t afford to buy them.
In 2016 the world economic forum published a video titled ‘8 predictions for the world in 2030’. Controversially one of the predictions was ‘You’ll own nothing. And you’ll be happy. What you want you’ll rent, and it’ll be delivered by drone’. Immediately any mention of this was pigeonholed under ‘crazy conspiracy theories’ but events like this make it more and more sound like a reality we’re headed into.
How much is the monthly cost of a 50 year mortgage compared to a 25 year, and how much are you expected to pay back?
One thing I’ve not seen anyone mention, you can overpay your mortgage.
When we bough our house we did it on a 40 year mortgage so our repayments were low initially.
Then as we earned more and had more money left at the end of the month, we started choosing to over pay to bring the term down.
Also, you could get a 50 year mortgage with a fixed term for two/five/ten years and then once that term has finished get a new mortgage on a shorter term.
50 years mortgage help make the repayments more affordable for young people/people who are at the start of their careers
One key thing of note; 50 year + mortgages makes it cheaper for those with wealth to speculate on and flip housing.
This isnt designed to help anyone poor; its solely designed to make it cheaper and easier for those that are already well off to continue the cycle.
But your kids would get a house…
£38b on test and trace could have built ~200,000 council houses. I suspect the public wouldn’t mind increasing national debt for a major shot in the arm to truly affordable house building. Right to buy needs to be rescinded to protect any public investment in this space.
Doesn’t seem a bad idea, on the continent this is VERY popular, 100 year mortgages in France for instance. Assuming you can over pay 10% per year these could be good.
So people don’t consider 25 year mortgages akin to renting from a bank? Interesting.
So? Sweden has 100-year mortgages with the idea that you sell without repaying the mortgage (as historically the values have gone up a lot).
I’d rather have long mortgages than be stuck renting. Fuck landlords.
Utter pisstake
It’s just addressing the symptoms and not the disease.
Build more housing.
People actually owning property is antithetical to the feudal system the elites want.
Some calculations, for a £250k mortgage at 3%:
25 Year: £1186/m, total £355,548
30 Year: £1,054/m, total £379,444
40 Year: £895/m, total £429,581
50 Year: £805/m, total £482,966
Basically, for a small reduction in monthly payments, you get to pay the bank MUCH more, and your home is at risk for longer. At higher interest rate, this gets worse.
renters renting from companies / people who own more than 3 homes should be able to buy for 50% market value.
Seems ok that councils were forced to sell on the cheap and now housing associations are about to be hit with the same so why not private landlords?
The establishment wants economic slaves from the cradle to the grave.
From students loans, to mortgages and now inherited mortgages and care home fees.
They will let you identify as what ever you want.
Poke fun at politicians
Ridicule religion.
To make you feel you are free.
But in the end the vast majority are economic slaves.
The current Government is there to protect the rich and distribute tax money to them.
The rich can take care of themselves,. The government should be there for the people and those left behind.
>Fifty year mortgages will turn us into a nation of people renting from banks
Yes. This is what the whole system is about. Individuals get banks and financial institutions as landlords, and existing landlords carry on taking a skim whilst their equity and wealth grows.
Bankers will grow fat on the intergenerational wealth that this will create for them. Make no mistake, this is a deliberate move to generate money and power for a few select people.
“You don’t win, you just do a little better each time”
Well yes, obviously – that’s the scheme. Otherwise we’d have plebs actually owning property and not paying the shareholder class for the right to exist. A disgusting prospect.
They try to find all possible solutions that don’t include the most economically n socially viable, build more homes. apartments no longer have the stigma they once did, so build shitloads of them then ffs.
I just tells you which way this country is going.
It’s about the economic legality of generational debt as well as elongation of an over inflated housing market. Pass a law to allow and it affects all credit from that point onwards. Debts are chains stronger than iron and far more insidious. Slaves need chains or they might make choices contrary to the will of their masters.
Unless of course you are from the school of Time Utility of Money.
If you believe you can earn more money from having the money than you’d lose to the bank in its interest rate, you will keep payments to the minimum, investing the cash elsewhere instead.
For such people, huge terms are a boon. As are interest-only mortgages.
Some random numbers:
Where interest rates have been at an historical low, did mortgage payments become cheaper? No, it just increased what people were able to afford and therefore increased property price.
A £200,000 mortgage at 8% over 25 years is ~£1,500, for a total payment of £463,091.
At 2.5% payments of ~£1,500 can get you a £345,000 mortgage.
Now assume interest rates rise and a reasonable mortgage rate is 5%, £1,500 get you £260,000 mortgage, which is where house prices are going to struggle, and possibly dip.
But increase term to 50 years, and a 5% and £1,500 a month you can afford £340,000 of mortgage, which would help to stabilise or avoid a crash.
Those extra 25 years means instead of making mortgage payments of around £450,000, it’s close to £950,000. That’s £600,000 in interest payments instead of £260,00 on 8% @ 25 years. So an extra £340,000 to the bank in interest payments instead of put away as saving for retirement.
Anything to prop up demand to keep the prices high
It’s such a tory thing to do, I’m surprised that they didn’t think of it sooner.
We’re in a housing crisis, and this is not a solution.
All it will do is create a huge population of young people in debt, who can no longer afford further education, and are forced in to the (low paid) workforce in order to pay off debts. Or they have to sell the house cheap because they can’t afford the debt, and it’s snapped up by landlords.
Tory wet dream either way.
We need to build more social housing. Like in Sweden. It works there. People are happier, have more spare money for themselves and they spend more on education. They pay more taxes, but are less driven by buying a house to wait for it to go up in value. We should learn from them. But we as a nation are plain greedy.
Build it and they will come.
50 year mortgage is just a bandage fix to the unaffordable housing. Completely misses the point as to why people can never get on the property ladder. Also it just low-key helps out the property developers fill their pockets.
I don’t even want to imagine how much you/your descendants will be paying in interest over the 50 year mortgage.
New builds shouldn’t be in the south of England. There should also be disinvestment in the south and government should move out of London for middle of the country. These are ways to fix the housing problem.
I will be getting one. I would take an interest-only mortgage for my private house if that would be possible. You are better off investing the monthly difference, over repaying the credit.
We don’t even need a *huge* increase in housing stock. It needs increasing obviously, but we also need protection of existing stock. We need a ban on second and third homes, a ban on foreign investors purchasing half a city and driving up prices, limits on BTL landlords. Leaving something as pivotal as housing completely exposed to the free market conditions is dangerous and got us into this mess to begin with.
And then we blamed immigrants and voted for Brexit. Whole thing is laughable and too stupid for words.
The government is trying to make ALL housing private and owned by landlords. Its terrible. To get it back to 1914 : Pre-1914 90% of population are private tenants.
You all need to read this report:
Private Renting: Can social landlords help?
Private Renting: Can social landlords help? – STICERD https://sticerd.lse.ac.uk › dps › case › casereport113
1918
General subsidies for building. Council housing and owner-occupation takes off.
1930
Slum clearance programme with special subsides for overcrowding relief
1939-1945
World War II – halt to all building
1945
Chronic housing shortage due to bomb damage, continuing tight rent controls, baby boom. Prefab hastily built, bathrooms added to Victorian terraces
1947
Plan for new towns, imposition of green belts, big expansion in council housing
1956
Expanded slum clearance programme, makes room for inner city council estates – Introduction of high rise subsidy – High immigration from Caribbean and other new Commonwealth; growth in furnished rooms in sub-divided houses in slum clearance areas, with no security and no rent controls
1960s
Government hits highest ever building target for council housing and owner-occupation
1966
Private renting continues to decline. Shelter forms following “Cathy Come Home”
1968
Ronan Point tower block in Newham explodes. High rise subsidy cancelled
1969
General Improvement Areas begin to upgrade existing slum clearance areas blighted since 1930 Private tenants “wrinkled” out as gentrifiers and speculators move in. Housing associations expand as third tenure
1974
Housing Action Areas launched as slum clearance programme is cancelled. Housing associations receive generous subsidies to renovate existing homes, guaranteeing existing tenants an improved home in the area. New funding for council housing ends. Private landlords receive improvement grants if existing tenants guaranteed right to stay in improved flat. Fair rents introduced to protect tenants
1975
Furnished tenants given security and fair rents. Also some rehousing rights
1976
Race Relations Act outlaws racial discrimination in housing, employment, etc.
1977
Homeless Persons Act, guarantees rehousing by councils for statutory homeless households, mainly families with children and pregnant women, elderly and disabled people.
16
1979
Conservative Government elected with Margaret Thatcher as Prime Minister
– Council housing out of favour, many difficult to let estates, surplus stock in many parts of the country including parts of London. – Housing associations and renovation still supported
1981
Right-To-Buy for existing council tenants – rapid take up
1985
Large scale voluntary transfer of council stock to housing associations
1989
Housing Act abolished rent controls after over 70 years and security seriously reduced. Private finance for housing associations introduced, making them more private, as grants are cut. Private renting begins expansion, helped by favourable tax incentives
1991
Housing “bust” made it harder for first time buyers to borrow. Other demographic changes encourage growth in demand for private renting
2000
Homeless legislation tightened
2007
International banking crisis forces much tighter controls on borrowing, further expanding private renting. Institutional investors begin to move in. Housing associations expand further. Intermediate rental market grows
2010 onwards
Local authorities begin registration schemes for private landlords to improve standards. Private renting expands very fast. Increasingly used by local authorities to house homeless people
Since 2010
Growth in sub-market and intermediate market renting. More enforcement on ‘rogue’ private landlords
Housing associations proactively expand their private rental housing. Much greater reliance on PRS by families with children on low incomes. Right to Buy re-lets are often used to house homeless and vulnerable families at higher rents on insecure tenancies. Private renting is relied on by growing groups of young professionals
All devolved governments introduce obligatory registration schemes
Only good thing about longer mortgages is they reduce the affordability check so people who already pay £1000+ rent but are told they can’t afford a £500 mortgage can just take it and overpay so it basically becomes a 25 or so year mortgage
No doubt they’ll get rid of overpayments though or something
Alternative take: You never get a mortgage and just pay the same mortgage until it’s paid off. The whole point of it is that the banks lend you what’s affordable to you at the point of borrowing.
I would have taken a 50 year in a heartbeat, but I got a 35 year. Why? Because I’m not going to pay off the minimum amount every month. I recently got a new mortgage and I can realistically afford DOUBLE my monthly payment, which is what I’m going to pay off it (or more) until my fixed rate period is over in five years. Then I will remortgage, and do the same thing.
I’ll probably have paid it off in 15 years.
The banks don’t want to take unnecessary risks – by spreading it over 50 years, they reduce that risk. You’d be an idiot to take a 50 year mortgage and PLAN on paying for that long.
We already are. Transfer of wealth from indivs into banking system via property market is biggest mass shift of capital between sectors in history (personal to commercial). This is truly where inter-generational inequity has come from. Govt, banks and housebuilders all complicit. There’s lots of good research on this, which I can cite if anyone’s actually interested.
American asking: Why are so many British homes attached?
You seem to still have plenty of landscape amazingly after 2k years.
Stingy landowners leaving grand parcels to the uber wealthy?
I’m speaking of middle class folk…..
Something needs to be done. The problem with renting is the over inflated rates, much too high. It should be capped at a local level, probably to a % of the value of the property when the renew happens.
As for this 50yr mortgage lark, I just can’t see how it helps the man in the street, only the flippers?
The UK has a 19% of households renting, look at the rest of Europe it’s much higher, around 30%. I’d like to know why?
Landlords stump up an extra 2.5% stamp duty on buying a rental… up it more, price them out, cap rents, make being a landlord less financially attractive.
Let the market crash already
It kind of turned you, is no matter of “will happen”.
I don’t disagree that generational debt would be a bad thing but equity in bricks and mortar however small as opposed to paying a landlords mortgage on their behalf can’t be a bad thing, regardless of the length of mortgage. Paying interest to a bank for a theoretical term of 50 years which you’ll never come close to paying back is still preferable to paying someone else’s mortgage, the barrier to entry is deposit which this doesn’t really solve fully
43 comments
It was always like this with a mortgage. You pay interests that may be understood as a rent. You are the owner on paper. But the « real » owner is the lender. If you can’t repay who gets your property? Unless you can sell it pdq. Tks
Keeping the housing bubble from bursting and inflating it at the same time is a win win situation. Ok only for people who already own houses, but it’s your fault for being born poor.
Multi-generation mortgages are nothing but a scam, by a government that refuses to address the real issues. If you’re rich, you don’t need them; if you’re poor, chances are that at some point in those 50 years a crisis will hit and you’ll end up losing the property through no fault of your own. Case in point, these ‘once in a lifetime economic crises’ that seem to be hitting every 5 years or so now.
Could just build more houses, put mortgages down to a 25 years maximum, and make houses affordable to the common man.
Ah nvm let’s just make the mortgage term longer so landlords become richer and people can’t afford to buy them.
In 2016 the world economic forum published a video titled ‘8 predictions for the world in 2030’. Controversially one of the predictions was ‘You’ll own nothing. And you’ll be happy. What you want you’ll rent, and it’ll be delivered by drone’. Immediately any mention of this was pigeonholed under ‘crazy conspiracy theories’ but events like this make it more and more sound like a reality we’re headed into.
How much is the monthly cost of a 50 year mortgage compared to a 25 year, and how much are you expected to pay back?
One thing I’ve not seen anyone mention, you can overpay your mortgage.
When we bough our house we did it on a 40 year mortgage so our repayments were low initially.
Then as we earned more and had more money left at the end of the month, we started choosing to over pay to bring the term down.
Also, you could get a 50 year mortgage with a fixed term for two/five/ten years and then once that term has finished get a new mortgage on a shorter term.
50 years mortgage help make the repayments more affordable for young people/people who are at the start of their careers
One key thing of note; 50 year + mortgages makes it cheaper for those with wealth to speculate on and flip housing.
This isnt designed to help anyone poor; its solely designed to make it cheaper and easier for those that are already well off to continue the cycle.
But your kids would get a house…
£38b on test and trace could have built ~200,000 council houses. I suspect the public wouldn’t mind increasing national debt for a major shot in the arm to truly affordable house building. Right to buy needs to be rescinded to protect any public investment in this space.
Doesn’t seem a bad idea, on the continent this is VERY popular, 100 year mortgages in France for instance. Assuming you can over pay 10% per year these could be good.
So people don’t consider 25 year mortgages akin to renting from a bank? Interesting.
So? Sweden has 100-year mortgages with the idea that you sell without repaying the mortgage (as historically the values have gone up a lot).
I’d rather have long mortgages than be stuck renting. Fuck landlords.
Utter pisstake
It’s just addressing the symptoms and not the disease.
Build more housing.
People actually owning property is antithetical to the feudal system the elites want.
Some calculations, for a £250k mortgage at 3%:
25 Year: £1186/m, total £355,548
30 Year: £1,054/m, total £379,444
40 Year: £895/m, total £429,581
50 Year: £805/m, total £482,966
Basically, for a small reduction in monthly payments, you get to pay the bank MUCH more, and your home is at risk for longer. At higher interest rate, this gets worse.
renters renting from companies / people who own more than 3 homes should be able to buy for 50% market value.
Seems ok that councils were forced to sell on the cheap and now housing associations are about to be hit with the same so why not private landlords?
The establishment wants economic slaves from the cradle to the grave.
From students loans, to mortgages and now inherited mortgages and care home fees.
They will let you identify as what ever you want.
Poke fun at politicians
Ridicule religion.
To make you feel you are free.
But in the end the vast majority are economic slaves.
The current Government is there to protect the rich and distribute tax money to them.
The rich can take care of themselves,. The government should be there for the people and those left behind.
>Fifty year mortgages will turn us into a nation of people renting from banks
Yes. This is what the whole system is about. Individuals get banks and financial institutions as landlords, and existing landlords carry on taking a skim whilst their equity and wealth grows.
Bankers will grow fat on the intergenerational wealth that this will create for them. Make no mistake, this is a deliberate move to generate money and power for a few select people.
“You don’t win, you just do a little better each time”
Well yes, obviously – that’s the scheme. Otherwise we’d have plebs actually owning property and not paying the shareholder class for the right to exist. A disgusting prospect.
They try to find all possible solutions that don’t include the most economically n socially viable, build more homes. apartments no longer have the stigma they once did, so build shitloads of them then ffs.
I just tells you which way this country is going.
It’s about the economic legality of generational debt as well as elongation of an over inflated housing market. Pass a law to allow and it affects all credit from that point onwards. Debts are chains stronger than iron and far more insidious. Slaves need chains or they might make choices contrary to the will of their masters.
Unless of course you are from the school of Time Utility of Money.
If you believe you can earn more money from having the money than you’d lose to the bank in its interest rate, you will keep payments to the minimum, investing the cash elsewhere instead.
For such people, huge terms are a boon. As are interest-only mortgages.
Some random numbers:
Where interest rates have been at an historical low, did mortgage payments become cheaper? No, it just increased what people were able to afford and therefore increased property price.
A £200,000 mortgage at 8% over 25 years is ~£1,500, for a total payment of £463,091.
At 2.5% payments of ~£1,500 can get you a £345,000 mortgage.
Now assume interest rates rise and a reasonable mortgage rate is 5%, £1,500 get you £260,000 mortgage, which is where house prices are going to struggle, and possibly dip.
But increase term to 50 years, and a 5% and £1,500 a month you can afford £340,000 of mortgage, which would help to stabilise or avoid a crash.
Those extra 25 years means instead of making mortgage payments of around £450,000, it’s close to £950,000. That’s £600,000 in interest payments instead of £260,00 on 8% @ 25 years. So an extra £340,000 to the bank in interest payments instead of put away as saving for retirement.
Anything to prop up demand to keep the prices high
It’s such a tory thing to do, I’m surprised that they didn’t think of it sooner.
We’re in a housing crisis, and this is not a solution.
All it will do is create a huge population of young people in debt, who can no longer afford further education, and are forced in to the (low paid) workforce in order to pay off debts. Or they have to sell the house cheap because they can’t afford the debt, and it’s snapped up by landlords.
Tory wet dream either way.
We need to build more social housing. Like in Sweden. It works there. People are happier, have more spare money for themselves and they spend more on education. They pay more taxes, but are less driven by buying a house to wait for it to go up in value. We should learn from them. But we as a nation are plain greedy.
Build it and they will come.
50 year mortgage is just a bandage fix to the unaffordable housing. Completely misses the point as to why people can never get on the property ladder. Also it just low-key helps out the property developers fill their pockets.
I don’t even want to imagine how much you/your descendants will be paying in interest over the 50 year mortgage.
New builds shouldn’t be in the south of England. There should also be disinvestment in the south and government should move out of London for middle of the country. These are ways to fix the housing problem.
I will be getting one. I would take an interest-only mortgage for my private house if that would be possible. You are better off investing the monthly difference, over repaying the credit.
We don’t even need a *huge* increase in housing stock. It needs increasing obviously, but we also need protection of existing stock. We need a ban on second and third homes, a ban on foreign investors purchasing half a city and driving up prices, limits on BTL landlords. Leaving something as pivotal as housing completely exposed to the free market conditions is dangerous and got us into this mess to begin with.
And then we blamed immigrants and voted for Brexit. Whole thing is laughable and too stupid for words.
The government is trying to make ALL housing private and owned by landlords. Its terrible. To get it back to 1914 : Pre-1914 90% of population are private tenants.
You all need to read this report:
Private Renting: Can social landlords help?
Private Renting: Can social landlords help? – STICERD
https://sticerd.lse.ac.uk › dps › case › casereport113
Timeline of Private Renting Development
Pre-1914
90% of population are private tenants
1914-1918
World War I – building work stops
1915
Clydeside rent strike, tight rent controls. Private renting begins long decline
1918
General subsidies for building. Council housing and owner-occupation takes off.
1930
Slum clearance programme with special subsides for overcrowding relief
1939-1945
World War II – halt to all building
1945
Chronic housing shortage due to bomb damage, continuing tight rent controls, baby boom. Prefab hastily built, bathrooms added to Victorian terraces
1947
Plan for new towns, imposition of green belts, big expansion in council housing
1956
Expanded slum clearance programme, makes room for inner city council estates – Introduction of high rise subsidy – High immigration from Caribbean and other new Commonwealth; growth in furnished rooms in sub-divided houses in slum clearance areas, with no security and no rent controls
1960s
Government hits highest ever building target for council housing and owner-occupation
1966
Private renting continues to decline. Shelter forms following “Cathy Come Home”
1968
Ronan Point tower block in Newham explodes. High rise subsidy cancelled
1969
General Improvement Areas begin to upgrade existing slum clearance areas blighted since 1930 Private tenants “wrinkled” out as gentrifiers and speculators move in. Housing associations expand as third tenure
1974
Housing Action Areas launched as slum clearance programme is cancelled. Housing associations receive generous subsidies to renovate existing homes, guaranteeing existing tenants an improved home in the area. New funding for council housing ends. Private landlords receive improvement grants if existing tenants guaranteed right to stay in improved flat. Fair rents introduced to protect tenants
1975
Furnished tenants given security and fair rents. Also some rehousing rights
1976
Race Relations Act outlaws racial discrimination in housing, employment, etc.
1977
Homeless Persons Act, guarantees rehousing by councils for statutory homeless households, mainly families with children and pregnant women, elderly and disabled people.
16
1979
Conservative Government elected with Margaret Thatcher as Prime Minister
– Council housing out of favour, many difficult to let estates, surplus stock in many parts of the country including parts of London. – Housing associations and renovation still supported
1981
Right-To-Buy for existing council tenants – rapid take up
1985
Large scale voluntary transfer of council stock to housing associations
1989
Housing Act abolished rent controls after over 70 years and security seriously reduced. Private finance for housing associations introduced, making them more private, as grants are cut. Private renting begins expansion, helped by favourable tax incentives
1991
Housing “bust” made it harder for first time buyers to borrow. Other demographic changes encourage growth in demand for private renting
2000
Homeless legislation tightened
2007
International banking crisis forces much tighter controls on borrowing, further expanding private renting. Institutional investors begin to move in. Housing associations expand further. Intermediate rental market grows
2010 onwards
Local authorities begin registration schemes for private landlords to improve standards. Private renting expands very fast. Increasingly used by local authorities to house homeless people
Since 2010
Growth in sub-market and intermediate market renting. More enforcement on ‘rogue’ private landlords
Housing associations proactively expand their private rental housing. Much greater reliance on PRS by families with children on low incomes. Right to Buy re-lets are often used to house homeless and vulnerable families at higher rents on insecure tenancies. Private renting is relied on by growing groups of young professionals
All devolved governments introduce obligatory registration schemes
Only good thing about longer mortgages is they reduce the affordability check so people who already pay £1000+ rent but are told they can’t afford a £500 mortgage can just take it and overpay so it basically becomes a 25 or so year mortgage
No doubt they’ll get rid of overpayments though or something
Alternative take: You never get a mortgage and just pay the same mortgage until it’s paid off. The whole point of it is that the banks lend you what’s affordable to you at the point of borrowing.
I would have taken a 50 year in a heartbeat, but I got a 35 year. Why? Because I’m not going to pay off the minimum amount every month. I recently got a new mortgage and I can realistically afford DOUBLE my monthly payment, which is what I’m going to pay off it (or more) until my fixed rate period is over in five years. Then I will remortgage, and do the same thing.
I’ll probably have paid it off in 15 years.
The banks don’t want to take unnecessary risks – by spreading it over 50 years, they reduce that risk. You’d be an idiot to take a 50 year mortgage and PLAN on paying for that long.
We already are. Transfer of wealth from indivs into banking system via property market is biggest mass shift of capital between sectors in history (personal to commercial). This is truly where inter-generational inequity has come from. Govt, banks and housebuilders all complicit. There’s lots of good research on this, which I can cite if anyone’s actually interested.
American asking: Why are so many British homes attached?
You seem to still have plenty of landscape amazingly after 2k years.
Stingy landowners leaving grand parcels to the uber wealthy?
I’m speaking of middle class folk…..
Something needs to be done. The problem with renting is the over inflated rates, much too high. It should be capped at a local level, probably to a % of the value of the property when the renew happens.
As for this 50yr mortgage lark, I just can’t see how it helps the man in the street, only the flippers?
The UK has a 19% of households renting, look at the rest of Europe it’s much higher, around 30%. I’d like to know why?
Landlords stump up an extra 2.5% stamp duty on buying a rental… up it more, price them out, cap rents, make being a landlord less financially attractive.
Let the market crash already
It kind of turned you, is no matter of “will happen”.
I don’t disagree that generational debt would be a bad thing but equity in bricks and mortar however small as opposed to paying a landlords mortgage on their behalf can’t be a bad thing, regardless of the length of mortgage. Paying interest to a bank for a theoretical term of 50 years which you’ll never come close to paying back is still preferable to paying someone else’s mortgage, the barrier to entry is deposit which this doesn’t really solve fully