Labour MP, Barry Gardiner, has called on the Government to encourage more first time buyers to opt for longer term fixed rate mortgages.
In simple terms he believes that the stability of a long term known mortgage cost for first time buyers and lower earners can only be good for them.
Our view
MP's should stick to messing up the country - they are neither intelligent enough or quailfied, or indeed authorised, to offer advice.
Sentiment aside though, longer term fixed rates mortgages will not be competitive against shorter term market products and if we were advising, that is exactly what we would do.
Why throw money away on a more expensive longer term deal. From a budget management point of view, should the lower paid or first time buyer really be taking on a mortgage if they cannot budget for fluctuations?