An expert has said that the proposed 50-year mortgage would be a "well-reasoned, long term investment" and make it clearer to homebuyers "what they were getting into".
Managing director of Mortgage Lender David Titmuss has said that the mortgage would not be dissimilar to those which are on offer at the moment and that homeowners would benefit from an "upfront" loan, in which they understand repayment requirements.
Although the 50-year mortgage is not yet on offer, the provider believes that it could solve the current crisis faced by first-time buyers, many of whom are struggling to get a foot on the property ladder.
But critics have raised concerns that a 20-year-old who takes on such a loan could still be paying it off in their 70s and that it is too big a commitment for young people.
Mr Titmuss said: "While the headline is fifty years, I think the reality is that people do that anyway.
"What's better to have than a very reasoned, well-set out case for a long-term investment while you know that you've got a good fifty years of work to go on? Retirement ages are going to go up anyway, aren't they?"To read more about mortgages, click here.
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