Mis-selling warning on 25yr fixed rate mortgages

AToM is concerned the currently proposed outline product has a number of potential pitfalls. These include future interest rates may drop, high redemption fees are likely to apply during the term and no guarantees that future property moves will be able to be mortgaged. The provider says it would applaud the introduction of more long term fixed rates but only if they provide greater consumer protection which addresses the realities of life today. It recommends features should include: · Interest refund if rates charged exceed BOE base rate for more than 5 years · No, or substantiall...