Professor David Miles has published his final review of the long-term fixed rate mortgage market today, setting out a list of recommendations for the Government and the industry to consider.
The recommendations are aimed at helping improve the advice and information borrowers receive so as to create a fairer and 'more transparent pricing structure'.
They include lenders making the full range of their products available to all borrowers and that advisers helping clients make a better assessment of risk and the potential impact of interest rates.
Miles says lenders should update borrowers annually as to all the current rates of interest on their products.
He says: “If implemented, the recommendations would improve the UK mortgage market by getting better information and advice to customers, making the pricing of mortgages more transparent, removing potential obstacles to the emergence of new products and improving the ways in which fixed-rate mortgages can be funded.”