Thursday, Nov 09, 2006

The madness of 52-year mortgages

MoneyWeek: are 52-year mortgages the way to get on the property ladder?

Its that time of the month again, when all eyes fall on the Bank of England as it deliberates on interest rates...

The buoyancy of the UK housing market is of particular concern. Property pundits and lenders say that a supply and demand imbalance is to blame for rising house prices, but the fact that there are now so many weird and not-so-wonderful ways to overstretch yourself to get on the housing ladder shows that easy lending is the reason for the continued boom. Just look at the 52-year mortgage offered by Tesco...

Posted by mary @ 11:07 AM (412 views)
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4 Comments

1. paul said...

As I've maintained for some time. The real driver of the housing boom has not been demand, but cheap credit supply.

Thursday, November 9, 2006 11:56AM Report Comment
 

2. harold said...

52-year mortgage offered by Tesco

Mmm, 52, that's the number of playing cards required to play a hand of poker, isn't it? How appropriate.

Thursday, November 9, 2006 12:29PM Report Comment
 

3. Gav said...

What an excelent idea, lets spend the rest of our lives in debt.

Thursday, November 9, 2006 12:40PM Report Comment
 

4. sovietuk said...

Just think. Taking out a mortgage at the age of 29 only to pay it off by the age of 81. That's if you live that long. What a lovely life.:-)

Friday, November 10, 2006 08:59AM Report Comment
 

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