I am responding to the amazing revelations of Professor Miles.
Perhaps the lack of take-up on long-term fixed-rate mort-gages has more to do with the fact that, of the 5,723 mortgage schemes
available from lenders in the market (source: Mort-gage 2000), only 37 of them on offer are fixed rates for 10 years plus.
These schemes are available from just 13 lenders, several of which are obscure names that the general public would not recognise. It is all very well to say people should take up long-term rates at this stage in the interest rate cycle but what if brokers had been recomm-ending them four or five years ago when rates were higher?
Would Professor Miles be applauding mortgage brokers or replace “churning” with “misselling” in his report?
Abacus Insurance & Finance Consultants,