Extra-long term mortgages will cause more ‘problems’, says housing expert

GBNews published this video item, entitled “Extra-long term mortgages will cause more ‘problems’, says housing expert” – below is their description.

Extra-long term mortgages on family homes which could be passed on from parents to their children are being considered within Government as part of plans to ease the housing crisis.

The idea could see people 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.

Mortgages lasting 100 years have been issued in Japan but experts were sceptical about the impact the proposal would have in the UK.

The idea has been floated within government as it could allow people to buy a bigger home than they otherwise might be able to afford.

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About This Source - GBNews

GB News is a free-to-air television and radio news channel in the United Kingdom. The channel is available on Freeview, Freesat, Sky, YouView, Virgin Media and via the internet. Since 4 January 2022, an audio simulcast of the station has been available on DAB+ radio.

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In This Story: Japan

Japan is an island country in East Asia located in the northwest Pacific Ocean. Part of the Pacific Ring of Fire, Japan comprises an archipelago of 6,852 islands covering 377,975 square kilometers (145,937 sq mi); the country’s five main islands, from north to south, are Hokkaido, Honshu, Shikoku, Kyushu, and Okinawa. Tokyo is Japan’s capital and largest city.

Japan is divided into 47 administrative prefectures and eight traditional regions. The Greater Tokyo Area is the most populous metropolitan area in the world, with more than 37.4 million residents.

Japan is a great power and a member of numerous international organizations, including the United Nations (since 1956), the OECD, and the G7. Japan is a leader in the automotive and electronics industries.

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