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Win Champagne

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&#39s PR agency Lansons, there was hardly consternation. We will have to check, came the answer.

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