View more on these topics

Long-term deals are OK but Darling should stay out of it

I recently read in Moneyfacts magazine that chancellor Alistair Darling believes over 35% of home owners would opt for 25-year fixed rate mortgages.

My question to Darling is where do these figures come from or has he just made them up?

Nevertheless, I believe we should offer clients the opportunity to take on long-term fixed rate deals as two-year products are not giving them the best options thanks to their high arrangement fees.

What annoys me is that the chancellor’s track record is not great and he should leave the mortgage market to the experts.

If he wants to help he should in¬crease the Stamp Duty threshold, especially for first-time buyers, encourage lenders to take up shared ownership or even get the government involved with 50% shared ownership schemes.

The money spent would be a better investment than some of the crackpot schemes the government has proposed.

Come on Darling, get your house in order before you start interfering with others.

John Sparks
Town & Country
By email

Recommended

FSA sets up team to fix NR failings

The Financial Services Authority has appointed a nine-strong team to implement the recommendations made by a damning report into the Northern Rock crisis.The internal report revealed several failings in the regulator’s dealings with NR including a failure to adequately monitor the lender.The team will be headed by Mandy Spink, head of supervision for small firms […]

Taking the moral high ground

There were a few feathers ruffled this week when an IFA wrote into Mortgagedistributor.co.uk having a pop at the sub-prime market. Harry Katz from Norwest Consultants felt that brokers and packagers shouldn’t be able to make money from those who find themselves in financial difficulty and felt this could even be immoral. He seemed to […]

RICS survey is bleakest for 30 years

Confidence in the UK housing market plunged to its lowest level for 30 years in Q1, a survey from the Royal Institution of Chartered Surveyors shows.

Pensions - thumbnail

Mothers missing out on millions

New HMRC figures show number of ‘mothers missing out on millions’ in pension rights has doubled in two years – Steve Webb Figures published on 24th March by HM Revenue & Customs show a doubling in the number of mothers missing out unnecessarily on vital pension rights because of a change in the rules on Child […]

Newsletter

News and expert analysis straight to your inbox

Sign up