Model mortgage.
Model mortgage.
- 1999
- Financial Times 3 August 1999, 9(1) .
Whilst lenders now agree with the principle of a 'model mortgage' drawn up by government, there is disagreement as to the form which such intervention should take. Lenders would like the current voluntary code of practice put on a statutory footing, with the details of product design left to them, whereas government favours a 'Cat-standard' which forces lenders to cut their standard variable rates when the Bank of England reduces the base rate. Graph.
MORTGAGE LENDERS
INTEREST RATES
GOVERNMENT
Whilst lenders now agree with the principle of a 'model mortgage' drawn up by government, there is disagreement as to the form which such intervention should take. Lenders would like the current voluntary code of practice put on a statutory footing, with the details of product design left to them, whereas government favours a 'Cat-standard' which forces lenders to cut their standard variable rates when the Bank of England reduces the base rate. Graph.
MORTGAGE LENDERS
INTEREST RATES
GOVERNMENT