What the papers said about long term fixes and digital technology

The Sunday Telegraph reported this weekend on the narrowing gap between 2 and 10 year fixed rates, as lenders compete to attract borrowers looking for longer term peace of mind. Recent figures suggest that the price difference is the smallest in almost ten years, meaning that homeowners will not necessarily have to pay a premium for protecting their payments for the next decade. This is likely to appeal to those concerned about the periodic increases hinted at by the Bank of England, although borrowers should be aware of the potential for hefty Early Repayment Charges during the fixed period. Elsewhere the Financial Times looked at the role technology can play in helping people buy and sell property. Official figures reveal that the average time between offer and completion in England and Wales is between 8 and 12 weeks, and more than a quarter of transactions fall through. The government is looking at proposals to speed up the house-buying process, including encouraging the industry to use digital technology to close the gap between offer and completion, and setting a 10-day target for local authorities to respond to search queries.