The costs associated with exiting a long-term fixed-rate mortgage arrangements render them less popular than they might be among consumers around the UK, it has been claimed.
According to the Council of Mortgage Lenders (CML), if long-term fixed-rate deals are to become genuinely attractive to British homeowners then the government will be required to make policy decision that make them less "cost-prohibitive".
However, the council has also suggested that there are advantages to agreeing a loan arrangement that lasts for 25 years particularly for people who are concerned at the prospect of borrowing a large sum of money.
In addition, long-term mortgage deals give consumers the flexibility to plan their finances for decades rather than just years or months at a time.
Earlier this week, the CML expressed its optimism that the cut in the base rat eof interest will ease the affordability constraints affecting first-time property buyers around the country.
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