Mortgages: First Time Buyers
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of increased availability of long-term fixed-rate mortgages on first-time buyers.
Answered by Emma Reynolds
While the design and availability of mortgages is a commercial decision for lenders in which the Government does not intervene, this Government welcomes innovation in the mortgage market, particularly where this provides borrowers with the greatest choice possible about the level of interest rate risk that they are willing to take on.
Lenders in the UK already do offer this type of mortgage product, and any borrowers, including first-time buyers, looking to take out a long-term fixed rate mortgage are encouraged to shop around and speak to a broker to find the best possible product for their circumstances.
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