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Fixed on prepayment pool

The Government is to work with the mortgage industry to pool and publish data on prepayment behaviour as part of its work on long-term fixed rates.

It discusses pooling prepayment data as a way of encouraging lenders to offer long-term fixed-rate mortgages without heavy repayment penalties.

The review points out that in countries such as the US and Denmark, where there are financial instruments to pass prepayment risk to investors, there is a well developed body of information on prepayment behaviour and investors have an incentive to develop a competitive advantage in pricing this risk effectively.In the UK there is limited information on prepayment behaviour with long-term fixed-rate mortgages.

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