played changes in demographic factors and innovations in the mortgage market which lessened downpayment requirements. To … generation model with housing. We find that the long-run importance of the introduction of new mortgage products for the …

the Maltese islands, primarily via the mortgage market. This process is characterised by (i) financial extension, in which … more households partake in mortgage finance in their entry to homeownership, and (ii) financial intensity, in which … households accumulate more debt in accessing the property market. In explaining this process, I claim, firstly, that mortgage …