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BUDGET 2008: Mortgage Advice Bureau brands Darling naive

The Mortgage Advice Bureau has branded the chancellor naive, for believing long-term fixed rates can reduce risks for first-time buyers.

Brian Murphy, head of lending at Mortgage Advice Bureau, says: “These products fail to match 21st century lifestyles. High divorce levels and ease of travel mean people are unsure of where they will be in three to five years time, yet alone 20 to 25.

“While a long-term fixed rate might offer security, the unpredictable nature of our lives today should not be overlooked by borrowers when assessing the attractiveness of these mortgages.”


BUDGET 2008: Reality check needed over long-term fixes

Abbey has warned that the chancellor Alistair Darling needs to be realistic about consumer appetite for 25-year long-term fixed rate deals.Darling called on lenders in his Budget today to develop long term flexible mortgages. Four years ago Gordon Brown commissioned economist Professor David Miles to conduct a study into long-term fixed rates. But the main […]

Conveyancers must disclose fees

Conveyancers are being warned that they may be in breach of the Law Society’s code of conduct for failing to disclose their fees.Rule seven of the code outlines the duty of solicitors to present clear and upfront fee schedules in accordance with the British Code of Advertising Practice.Bromley-based solicitors MTA is concerned that some consumers […]

Blackandwhite most likely fell on its own sword

The comment from the anonymous insider at Blackandwhite (Mortgage Strategy February 25) was a display of sour grapes based on a lack of know-ledge and understanding about how the FSA works.

Lender under fire for lack of notice

Woolwich is under fire from brokers for failing to notify them about changes to its loans. Andrew Montlake, partner at Cobalt Capital, says the lender sent information on its decision to cut its maximum loan amount from £2m to £1m more than two weeks after the change took effect. Montlake says: “Lenders have to be […]


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