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Mortgage shake-up expected in budget
10 March 2008
Alistair Darling is expected to announce measures to bring greater stability to the UK mortgage industry when he announces his budget this week, the Press Association is reporting.
It is thought that one feature of the plan will be to extend fixed rate mortgage periods to as long as 25 years, bringing consumers more security over the life of a loan.
The lengthy fixed loans could be backed by European covered bonds which are generally given an AAA credit rating because of the backing of public sector funds or cash flow from mortgages.
In another move, it is widely expected that Mr Darling will introduce a grading system where mortgages will be rated according to risk.
The Sunday Times' David Smith quotes Mr Darling as saying last month that "a wider review looking at housing finance" would be on the cards, and adding that Gordon Brown, as chancellor had commissioned a review of mortgages.
Sub-prime concerns have forced central banks, lenders and governments to review the mortgage industry. 
