UK Money News
12th March 2008
Chancellor to encourage long term fixed rate mortgages
The chancellor of the exchequer is expected to introduce measures to make long term fixed rate mortgages more readily available in today's Budget.
Gordon Brown initially announced the proposal last summer and said that such a move would assist potential home buyers by offering them greater security and bring greater stability to the property market.
In contrast other European countries very few UK lenders currently offer long term fixes and such deals as do exist tend to be more expensive.
However, by means of the new measures Alistair Darling hopes to encourage more mortgage providers to offer fixed rate deals of ten, 15 and 25-years, the Press Association reports.
The Budget is also expected to bring in a grading system for mortgages to foster reassurance among potential investors, with loans deemed the least risky set to given a 'gold standard' kitemark.
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