Long-term mortgages "will fail" says CML - papers 11th Sept

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PROPOSALS to introduce long-term fixed-rate mortgages will fail, the CML's director general told Sco...

PROPOSALS to introduce long-term fixed-rate mortgages will fail, the CML's director general told Scottish mortgage lenders were told yesterday, according to the Scotsman newspaper. Michael Coogan, of the Council of Mortgage Lenders yesterday told delegates attending their annual conference in Edinburgh the Chancellor had completely misunderstood the driving force behind the UK market in proposing 25-year mortgages. The Scotsman quotes him as saying: "Consumers do not find long-term, fixed-rate products attractive because they cost too much," he said, adding that only huge financia...

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