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Mortgages - Budget 'fails to deliver for mortgages' - 12/03/2008

  
 
  Alistair Darling failed to offer the mortgage market any real help in his Budget statement today, according to the price comparison website moneysupermarket.com.

Mr Darling said today that the government was keen for more people to take out long-term fixed rate mortgages to make the market more stable.

However, Louise Cuming, head of mortgages at moneysupermarket.com, said consumers had shown little interest in the idea.

"It's sad to see the chancellor beating the same old drum about 25-year fixed-rate mortgages without having any understanding of our industry," she said.

"There are already ten 25-year fixed-rate deals on the market - and people just don't want them.

"As for its stamp duty adjustment on equity share mortgages, this is just the tiniest bit of tinkering at the edges," Ms Cuming added.

The Financial Services Authority (FSA) says 1.4 million people will come off fixed rate mortgages this year.

Many of them are likely to face sharp rises in their repayments.
 
     
 
 
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