That is the opinion of David Titmuss, managing director of The Mortgage Lender, who said the plans had created a lot of interest from prospective buyers and lenders.
Titmuss said that there were many people in younger age brackets that could benefit from such a product: “I think what the younger person can do now is look at a house as an investment over the long term, and by a longer period of mortgage you do get slightly less repayments so it’s about an affordability factor.”
He revealed that it was likely the product would feature an age restriction, but insisted that older people would be more concerned with seeing their children make it onto the property ladder.
Titmuss concluded that there was a big demand for a variety of mortgages, suggesting the financial community is ‘almost under obligation’ to find new solutions.
© Adfero Ltd
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