Homeowners could soon be taking out 50-year mortgages to then be passed on to their children when they die, under new plans being considered by the government.

The Japanese-style lending agreements could see people being able to buy a home with little or no expectation of completing mortgage repayments during their lifetime.

Instead the property and outstanding debt would be passed on to their children.

Asked about the scheme, Prime Minister Boris Johnson said he was “certainly” considering cross-generation mortgages.

It comes as mortgage borrowing fell by 36% in April in another signal that the red-hot housing market is starting to lose momentum.