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> Families could be offered “multi-generational” 50-year mortgages allowing parents to pass on outstanding debt to their children, under plans being considered
by mathgeek 4y ago
> Families could be offered “multi-generational” 50-year mortgages allowing parents to pass on outstanding debt to their children, under plans being considered by Downing Street.
This is a but misleading. By the sound of it, the inheritors are choosing to take on the asset and debt at the time of issuance. The deceased cannot choose to just saddle their inheritors with their debt without their signature on the loan.
- onion2k 4y agoIn Sweden it's not uncommon to have mortgage terms of 105 years. The maximum was reduced from 140 years in 2016. Obviously whether the descendants of the borrower can choose whether to keep paying or not when they inherit the load, but they're definitely not signing up at the beginning.
- SOLAR_FIELDS 4y agoTrue, but the way housing is handled in Sweden is a bit different - mortgage rates are almost always so low that it nearly always makes sense to hold a mortgage and invest the money elsewhere.