The review of longer term mortgages by Professor David Miles was published at the time of the Budget in March but there has been no feedback on the outcome of the consultation on the document. There was a muted response to a question raised at a discussion at the House of Commons last week, Financial Capability: Making informed decisions about mortgages.
Council of Mortgage Lenders director-general Michael Coogan says he believes the review is “dead, but not buried”.
Nationwide spokesman Tim Hughes says: “I agree that all products should be made available to all consumers as Miles recommends. You don't walk into a shop to find a product on sale that you can't buy.”
The government was quick to support the proposals put forward by Kate Barker on supply of housing published at the same time as the Miles report, but Miles' proposals are still at the consultation stage.