The "life long mortgage" - Introducing the 57-year loan in England


Will the madness ever end? I'm not sure of the best word to describe this. Sickening? Corrupt? Stupid? Expected? Mad? Sad? Or maybe all of the above?

The 57-year home loan - Young people are being offered home loans which can take almost 60 years to pay off.

The 'life-long mortgages' from Britain's biggest lenders are aimed at first-time buyers who are desperate to get on the property ladder.

But last night the deals were described as 'madness' by experts, who warned that while they initially appear attractive due to lower monthly repayments, the borrower can end up paying more than £100,000 extra in interest.

Soaring house prices have forced would-be home-buyers to resort to extreme measures. Young couples are borrowing up to five times their joint salary in the hope of affording a property.