NORTHERN ROCK SHOULD REINSTATE MORTGAGES WITH NOTHING DOWN TO THOSE YOUNG PEOPLE WHO QUALIFY. RENT IS EXPENSIVE AND MOST PEOPLE YOUNG PEOPLE NEED HELP FROM THEIR PARENTS FOR A DOWN PAYMENT. SOME PARENTS CAN’T AFFORD TO HELP THEIR CHILDREN. NO DOWN PAYMENT MORTGAGES WERE DONE IN THE PAST AND IT IS ONLY FAIR THAT THIS GENERATION BE GIVEN AN OPPORTUNITY TO BECOME A HOME OWNER. IT WOULD ALSO GIVE A BOOST TO THE BANKING INDUSTRY.
Key Takeaways:
- Many are calling for the ban on 100pc mortgages to be lifted
- 100pc loans help younger borrowers that can’t afford a deposit.
- 100pc mortgages were common in the ’90s and only became a problem in the 2008 economic crisis.
“The return of 100pc mortgages is also seen as a desperately-needed measure to stimulate the sluggish housing market “from the bottom up”.”