Homeowners lose thousands on long-term fixed-rate mortgages - Telegraph
Ultra-cautious home owners who followed Gordon Brown's advice and took out longer-term mortgages have lost out on thousands of pounds, while the mortgages themselves are disappearing from the market.
Figures from Defaqto, the financial statisticians, show that the number of fixed-rate mortgages available with terms of 10 years or longer has dwindled from 125 in May 2008 to just three this year.
"Members of the previous government suggested that borrowers should be encouraged to opt for really long-term fixed rates, but such products have now all but disappeared," said David Black, a banking expert at Defaqto.
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