Mayo call for 50-year mortgages to help address housing crisis

A Mayo Oireachtas member has called on the government and financial institutions to introduce 50-year mortgages to help tackle the current hosing crisis.

Senator Paddy Burke said he did not see why any one family should have to pay back the mortgage in its time in a house over a period of 20 or 30 years.

The Castlebar-based Fine Gael representative elaborated: "This could be extended to 50 years.

"The second family coming along or the next person to take over the house could continue on paying the mortgage.

"In light of the housing crisis and in view of the changing banking products that are available, a 50-year mortgage product should be possible.

"This is particularly the case now that banks and governments can borrow very cheaply, and for the long-term at that.

"There is no reason such products could not be designed, particularly for people who want to buy a home and possibly not pay the loan off over one generation but over a number of generations.

"I remember taking out a 20-year mortgage, as did everybody around my time.

"Before that, local authorities offered a 12-year mortgage or loan.

"There was no problem repaying the loan over that number of years but it is now an impossibility for young people starting off to repay a loan, even one taken out over 25 or 30 years.

"These are products that the government and banks will have to look at."