During Treasury Questions this week, Richard asked the Economic Secretary to the Treasury, Andrew Griffith, whether the Treasury would look again at introducing long-term fixed rates. The full question and the Minister's reply can be watched at https://youtu.be/t22sHtwQEbM.
Speaking afterwards, Richard Fuller MP said:
In some countries, like the United States, it is common to fix a mortgage for 15 or 30 years, which gives certainty about monthly repayments and can be refinanced if mortgage rates go down over the term of the mortgage.
I know the Treasury has previously considered this but there was not enough consumer demand at the time and I asked if they would now look at it again.
