We could have a bigger house and still enjoy life
KEY worker Joe Banfield says a family mortgage would allow them to live in a large enough house and still have money left to enjoy themselves.
The father of three, 43, told the Daily Express: “Taking out mortgages over a longer period of time would definitely assist us as a family.
“It would help with cash flow. The monthly payment would be less so we could effectively borrow more money over a longer period and, therefore, afford a bigger house allowing us to have additional space for the children to live in.
“Having enough space is important for a larger family like ours and it would be vital if we ever have to look after the older generation at home.
The only difficulty we might have is that we have three children so our next generation may not all want to live within the same house or take on the mortgage jointly.”
Joe lives with wife Mandy, 43, and children Amelie, 10, Archie, seven, and Ayla, five, in Milton Keynes, Bucks.
He added: “The bottom line is that any scheme that allows us to help the children out is going to be important for us as parents.
“I bought my first flat for £64,000 in 2001 and it’s now worth three times as much.
“Wages have not inflated by the same amount, so I don’t know how any of our children are going to afford to buy anything on their own at any point in their life without us helping in some capacity.
“I would be very interested in being able to save money each month as we struggle balancing living in a big enough house and having money left over to enjoy ourselves.
“Travel has always been important to us as a family.
“So being able to lower monthly payments by borrowing over longer to allow us the cash flow to spend on holidays would be interesting to us.”