Miles Report Calls for 'Fairer' Mortgage Deals
The Miles report calls for all mortgage deals to be available to all borrowers
15th March 2004
A new government-commissioned report has called for a fairer system of mortgage deals where existing borrowers can take advantage of low-price deals designed to lure new customers.
The Miles Report, instigated by Gordon Brown a year ago, claims that existing borrowers are 'subsidising' new borrowers, and recommends that all mortgage payers should be told annually of the lowest priced deals available from their lender, and be given advice on how to switch their mortgage.
Industry leaders have said that it would be too expensive to implement the recommendations, and would drive up mortgage prices for already-stretched first time buyers.
Read More: Money Guardian
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