50 years to buy home.

Byline: NICKY BURRIDGE 

HOMEOWNERS may soon have to take out 50 year mortgages to afford to buy, an expert said yesterday.

The rising cost of property means buyers are forced to borrow more and more money.

Prices soared by 4.2 per cent last month taking the average cost of a home to pounds 107,152, according to the Halifax.

Normally mortgages last for 25 years. But broker Charcol believes the UK may follow Japan where families take out long loans - some up to 100 years - so they can afford the repayments.

Senior manager Ray Boulger said: "People are living longer which means loans of 30, 40 or 50 years do not seem as drastic as they would have done 30 years ago."