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Borrowers turn their backs on long-term fixed rates

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  • 09/09/2003
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London & Country's (L&C) financial survey of 2003 has found that borrowers are unlikely to choose lo...

London & Country’s (L&C) financial survey of 2003 has found that borrowers are unlikely to choose long-term fixed rates unless they become more competitive. Although the concept appears popular, and two thirds of respondents indicated they liked the idea, the majority were put off by the higher rates and the redemption penalties. David Hollingworth, mortgage specialist at L&C, said: ‘Narrowing the gap between the desirability and the suitability of these products will need to be a high priority for the Chancellor.’


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