News - Mortgage report
BBC Radio 4’s Money Box was broadcast on Saturday, 13 December, 2003.
The programme was repeated on Sunday, 14 December, 2003, at 2102 GMT.
UK home buyers are unaware of the benefits of long-term fixed rate mortgages, according to a report commissioned by the Treasury.
People tend to focus on low initial repayments, only to end up subsidising new customers when their own fixed period ends, often within a couple of years.
Professor David Miles of Imperial College London was asked to examine why long-term mortgages are so unpopular.
We spoke to David Miles about his findings.
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Consumer Credit White Paper
The government has announced its intention to crack down on confusing credit offers, loan deals and rogue money lenders in the biggest shake-up of credit laws in 30 years.
The proposals were outlined by the Department of Trade and Industry (DTI) in the Consumer Credit White Paper.
The aim is to make it easier for people to understand agreements and compare deals, but crucially there will not be limits on the amount of interest that can be charged.
We were joined by Niall Cooper of Church Action on Poverty to discuss the proposals.
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Tribune insurance
About 40,000 people are being warned their homes are not insured, even though they have assumed they are.
The affected people have policies with Tribune Risk and Insurance Services, based in Dalkeith, in Scotland.
It is not authorised as an insurer, and has been acting illegally, according to the financial regulator.
The firm has now been put into liquidation, and those who thought they had insurance must urgently arrange cover to guard against the risk of fire and other damage to property.
Dan Schwarzman of PriceWaterhouseCoopers is winding Tribune up. He told the programme what he had found.
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A helpline has been set up for policy holders. The number is 0870 164 8120.
If your broker was a member of the General Insurance Standards Council (GISC) you may get some redress through GISC if your broker did not act with due diligence before placing your insurance with Tribune.
So, if your broker was a member of GISC, call the GISC helpline on 0845 601 2857, but call the main helpline number FIRST.
Money Box Christmas quiz
You could be listening to Money Box with crystal clear sound in 2004 if you are the lucky winner of the Money Box Christmas quiz.
Simply click on the link below and answer the 20 questions correctly to be entered for the free prize draw.
All questions are based on personal finance news from 2003. The closing date for entries is 5 January, 2003.
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