Long-term fixed mortgages would need government funds - CML

Gordon Brown's proposals to introduce long-term fixed-rate mortgages are unlikely to be attractive to consumers because exit penalties and interest rates will make products too expensive, says the Council of Mortgage Lenders. Michael Coogan, director general of the CML, said a new regime would need to introduce government-subsidized products and several years of consumer-specific mortgage data in order to make the long-term concept attractive. "The key thing about proposals for a UK long-term fixed rate market - comparable with the US market - is you have to question whether peopl...