Thursday, October 20, 2011
Housing market stimulus – 30 year fix on your 50 year mortgage running to age 85
Housing minister Grant Shapps is expected to urge lenders to offer 30-year fixed rate mortgages in his speech at the Building Societies Association conference today. Shapps is believed to want to spark a debate on longer-term fixed mortgages as a â€œnormal and sensible choiceâ€. Shapps will say that longer-term products will ensure â€œpeople know where they standâ€, as they will give consumers greater certainty over the costs of buying a house in the long term and allow families on tight budgets to know exactly how much they will be paying for their home in the future.