30-years deals are 'extremely unlikely at present'

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30-years deals are 'extremely unlikely at present'

Offering extremely long-term mortgage deals to Brits may be beneficial to some but it is unlikely to take place anytime soon, it has been argued.

Ray Boulger, senior technical manager at John Charcol, said it could be impossible for lenders to create a 30-year deal with attractive terms for borrowers in the present marketplace, as the wholesale sector in particular continues to be extremely volatile and problematic.

He commented: "I think that frankly it will be impossible to offer a long-term fixed-rate mortgage on terms which many borrowers would find acceptable."

According to recent comments by housing minister Grant Shapps at the Building Societies Association's annual mortgage seminar in London last week, lenders should consider offering more long-term fixed mortgages of as much as 30 years to encourage greater stability in the housing market as a "normal and sensible choice" for homeowners in the future.

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