The mortgage industry is warning the Government to carefully consider proposals to increase fixed-rate terms, arguing such a move could have serious repercussions for homeowners.
The Chancellor, Alistair Darling, this week said mortgage brokers favoured short-term fixed-rate deals as this required customers to visit them more frequently, and thus the broker could make more money. The Government now plans to increase the number of long-term fixed-rate deals available to consumers. Commenting on the Chancellor's proposals, Brian Murphy, head of lending at the Mortgage Advice Bureau, says: “It fails to take into account the ever changing lifestyle of today’s society. “The ideal of continued successful employment, marriage, two point four children and stability for t...
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