He added: “The flagship pledge from the Conservatives on housing was a lifetime fixed-rate mortgage promising to protect customers from longer interest rate risks and make mortgages more affordable.
“Although a novel idea for the UK market, products with long term fixed rates and low Early Repayment Charges are common in France and The Netherlands, where they have helped bring stability and affordability to the market. Replicating this in the UK could therefore be a welcome step in the right direction.”
However, Martijn revealed it will be difficult for the party to put into action and the strategy is lacking in clarity.
He said: “The challenge is that for too long in the UK, products such as these have been almost unheard of due to banking regulation and very high switching penalties.
“Where products like this do exist in the US and the Netherlands, those governments have had to work closely with industry in order to implement a longer term fixed product with effect.