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TML in talks for 50-year mortgage

The Mortgage Lender says it is in talks with an unnamed lender about launching a 50-year mortgage.

The brokerage says there is no reason why mortgage terms should be restricted to 25 years, especially with the pensions crisis and people living longer working against traditional terms.

David Titmuss, managing director of TML, says: “More people are looking at their homes as their pensions. Fifty-year mortgage terms would effectively become a means for them to invest and save for 50 years as well as a mechanism for buying property.

“People want to own a home and enjoy leisure time. A 50-year mortgage would allow people to have their cake and eat it, enjoying life to the full while knowing their home is secure.”

Mike Lazenby, chief executive of Kent Reliance, says: “There is no reason why all lenders can’t offer 50year-plus mortgage terms.

“Why should lenders tell people how to run their lives by restricting them to 25-year mortgage terms?”


Mortgage 2000 set up in 1990

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Former Nationwide CEO given 1.6m for “agreeing” to retire

Nationwides annual report reveals former chief executive Philip Williamson received a massive 1.6m settlement for agreeing to early retirement. The societys report of the directors financial remuneration for the year ended April 4 2007, showed Williamson took home a total of 3.2m including 605,000 in salary, an annual bonus of 374,000 and his retirement settlement. […]

Pricing errors see HBOS market share slashed to 8%

HBOS has admitted it got its pricing wrong earlier this year, resulting in its market share plummeting from close to 20% to 8%.Last week, the lending giant iss-ued a pre-close trading statement ahead of its half-year results, in which it revealed that its retention strategy had not delivered the anticipated results. Its mortgage market share […]

Government outlines housing supply proposals

The government has outlined proposals that set out how Communities England – a new housing and regeneration agency – will support local areas deliver both social and private housing. Communities England will replace two existing agencies and aims to boost the annual housing supply to more than 200,000 by 2016. The Department for Communities and […]


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