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UK Government Housing minister Grant Shapps is expected to urge UK banks and mortgage lenders to offer more long term fixed UK mortgages to increase stability in the UK housing sector.

In today’s uncertain world, people want to know where they stand. Yet when it comes to buying a home, there are no mortgages available for them where they can fix their payments for a long time, the longest fixed-rate mortgage currently available for many is a maximum of five years.”

Mr Shapps calls for longer-term mortgages, possibly as long as 30 years, could help cash-strapped families to be able to plan ahead by letting them know how much they will have to pay in the years and decades to come.

Lenders should look at the case for 30-year mortgages and how the UK can move to a more stable housing market where first-time buyers can get their first foothold on the property ladder at a cost they know they can afford.

While mortgage lenders have cut their rates in recent weeks, longer-term fixed mortgages often require house buyers to pay a huge deposit.

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