Downing Street Says » Fixed Rate Mortgages

» Tuesday, July 10, 2007

Fixed Rate Mortgages

Asked if there were future intentions to move towards long term fixed rate mortgages, and asked where we were now after the Prime Minister (as Chancellor) commissioned the Miles Review on this, the PMS replied that the FSA, in line with the recommendations of the Miles Review, improved the amount of information that that was able to enable people to make more choice, but it was best to check with the Treasury on detail. With regard to future intentions, it was best to wait for tomorrow’s statement.

Asked what role the Government would have in respect to fixed rate mortgages, since it did not sell financial products, the PMS replied that this was an incredibly market sensitive area. It was something we had looked at in the past, and clearly there was a role for the Financial Services Authority, and also the Debt Management Office. But it would be inappropriate on such a market sensitive matter, to speculate on what may or may not be announced.

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