A new lender is to offer 50-year fixed-rate mortgages to borrowers looking to beat inflation. They will have rates of around 4.5%.
With a retirement age of 66, this is great news if you’re a 16-year-old buying your first house. The youth have it so lucky when it comes to buying property these days.
It’s Perenna, a UK-based specialist lender, that has said it would initially launch 30-year loans before later rolling out longer terms. As long as life expectancies suddenly go up in the next few year this will work out just fine.
Clearly the idea is that you don’t pay it off the long way. You sell the house and with a 50 year mortgage there is sure to be lots of the debt still attached. You pay off the leftover debt with the sale, which basically means it comes out of any money your kids would have got from your estate.
Yes, we have found a way to use the money of the next generations to fuel our house buying now. We’re unstoppable.
>Read the source story
| ☕ TIP (Help by donating)
| 📻 LISTEN (to the new radio podcast)
| 📺 WATCH (CSP Live Comedy Show)
.jpg)
