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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.”

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Conveyancers must disclose fees

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Blackandwhite most likely fell on its own sword

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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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