Homeowners may soon be able to take out 25-year fixed rate mortgages at lower rates and without expensive redemption penalties.
Leading European banks have joined forces to launch the European mortgage Finance Agency in a bid to create an EU-wide mortgage market.
It has been suggested the rates would be between 6.5 per cent and 7 per cent, double the 3.5 per cent people could currently get on a variable discount rate - a difference of £300 a month on a £100,000 mortgage.
Tuesday November 18, 2003
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