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?”