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Mortgages for 50 years say first time buyers

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UK mortgage lenders must have taken a look at the future and seen that the lack of first time buyers buying property in the UK could well be their downfall. It is estimated that 17.3 million adults in the UK are unable to get on to the property ladder, with 7.4 million citing house prices as the main reason. Mortgage lenders have responded with new lending criteria that sees a first time buyer being able to now borrow 5 times their annual salary. The traditional length of a mortgage is 25 years and this may be the next area that will need changing to make mortgage payments more affordable.

Nearly half of all first time buyers would prefer to commit to a hefty 50 year mortgage to get a foot on the property ladder, rather than take a loan from a family member or buy with a friend, according to the results of a survey conducted by property portal, HotProperty.co.uk.

Conversely, one in three of these purchasers believe that their property will fund their retirement. However, with the average age of a first time buyer approaching 30, these buyers could still be paying off their 50 year mortgages well into their eighties, and many will be passing on their debts to their children.

HotProperty’s managing director, Shawn Luetchens, comments: “Fifty year mortgages are already popular in countries like Japan, and with the UK’s property prices very high and continuing to rise, it is not surprising that so many British first time buyers are interested in assuming these types of mortgage. What is concerning, is that a large proportion of them believe that their property will be the mainstay of their pension fund.

“Vast numbers of first time buyers, perhaps perplexed and frustrated by the current state of the property market, are burying their heads in the sand and not thinking their property and pension strategies through adequately.” continues Luetchens.

Other findings show that almost half of first time buyers believe the property market is currently overpriced and that prices will come down; 58.5 per cent of respondents are worried about a house price crash; almost three quarters of respondents do not consider external factors, such as the state of the UK economy and Bank of England comments, as important when buying property; and 30 per cent of respondents believe it is too early to be contemplating their pension plans.

Some experts have called the move by high street lenders to increase the multiples to 5 times a person salary as "dangerous'', stating it could lead to people over-stretching their finances simply to get to get on the property ladder.
Abbey, the UK's second largest mortgage lender, announced changes to products in a bid to help more people buy their first home in the face of rocketing house prices.

The Co-Operative Bank has become the latest organisation to offer mortgages at five times a customer's income with the Yorkshire building society and Bank of Ireland offering similar deals.

The Co-Op said it is introducing the mortgage so customers could keep up with rising house prices. The Co-Op will scrutinise each applicant's ability to repay the loan, and take into account future interest rate rises, before letting them borrow up to the new higher limits.

Russ Brady Co-Op bank's chief spokesman said: "It reflects people trying to get on the housing ladder and trying to match house price costs.

But not everyone who applies will get five times their salary."

First time buyers can find cheap property for sale offered by owners at UK property for sale

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