Lets have more 25 year mortgages - Chancellor Darling

Posted 2008-02-17

Alistair Darling has called for 25 year fixed rate mortgages to become the norm. Darling believes these mortgages will give homeowners more security. He said:
“For many households, particularly those on low incomes, fixing the level of mortgage repayments for several years makes real sense. It can also contribute to wider macroeconomic stability.”
The only major UK lender that provides 25 year mortgages is Nationwide. After announcing the launch of their 25 year mortgage in March 2007, it sold out in five weeks.

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