U.K. considering instituting 50-year mortgages in order to increase housing affordability

Prime Minister wants younger generations to be able to "get into ownership."
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Boris Johnson, July 6
Boris Johnson, July 6
(Dan Kitwood/Getty)

Officials in the United Kingdom are debating the prospect of instituting ultra-long housing mortgages as a means of facilitating homeownership among younger generations, Prime Minister Boris Johnson confirmed recently. 

“We need young people to have the confidence, to have the deposits, the mortgage packages to be able to get into ownership," Johnson told reporters while attending this month's Nato summit in Mardis."

"If you’re good enough to pay a lot in rent, we should find ways to help you to convert that into a mortgage," he said. 

When asked if the prospect of very long mortgages was being considered, Johnson said: "Yes, certainly." 

Most mortgages in the United Kingdom are at around 25 years; longer mortgages, such as the 30-year mortgage traditional to the American market, can be negotiated with lenders, though they are less common than in the U.S.