Here’s how we can stop Britain’s inflation nightmare

‘Most banks … can afford a haircut for a while much more easily than homeowners can bear the costs of relentless rises.’ Photograph: Jesus Sanz/Alamy Stock Vector

How very apt to compare the rises in interest rates on mortgages with other European countries (Report, 20 June). In any other aspect of life, taking on a loan when you do not know what the future repayments will be would be very bad financial practice. Yet when homebuyers take on what is likely to be by far their biggest loan, the best they can hope for is a fixed term of two or, at best, five years – thereafter they are at the mercy of the financial markets and government policy. Why? The mortgage company does not need to raise more cash for their loan, so raising the interest rate during the term of a mortgage seems to be out-and-out profiteering.

A fixed-term, 30-year mortgage seems to be far more sensible, and gives homeowners confidence and security. When will we start adopting a system that is fair to all?
Tom Carr
Newcastle upon Tyne