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Consumers 'not keen on 25-year mortgages'

Homeowners are not keen on 25-year fixed rate mortgages, according to moneysupermarket.com, a price comparison website.

Louise Cuming, the site's head of mortgages, made her comments following chancellor Alistair Darling's first Budget.

Mr Darling confirmed the government's support for longer-term fixed rate deals in a bid to improve stability.

"It's sad to see the chancellor beating the same old drum about 25-year fixed-rate mortgages without having any understanding of our industry," Ms Cuming said.

"There are already ten 25-year fixed-rate deals on the market - and people just don't want them.

"As for its stamp duty adjustment on equity share mortgages, this is just the tiniest bit of tinkering at the edges," she added.

With around 1.4 million people set to come off fixed rate deals this year, many homeowners will face a sharp rise in their repayments.

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