Is the mortgage market crazy? Are borrowers being hit with unfair deals? Private Label executive chairman Stephen Knight certainly thinks so.
This week, Knight hit out at long-term fixed rates which lock borrowers in at the full variable rate after the fix has expired. Private Label has come up with a mortgage which avoids this. The problem is that, according to a press release, the fix is until 2993.
Er…a 995-year deal.
But what less could one expect from the mortgage guru who recently penned a tome called The Art of Marketing Mortgages?
Could it be true? It must be a mistake? But when The Diary called Knight's PR agency Lansons, there was hardly consternation. We will have to check, came the answer.